• 87 homes to rent across the whole three counties in the Mid-West in June 2023 (a decrease of 4 homes from May), with an average price of €1,531 – an increase of 7% on May’s figures.
• There is a stark difference between the number of residential homes available to rent in Limerick City and Suburbs for June 2023 versus June 2022. June 2022 saw 40 homes available while June 2023 saw 19 homes available – a decrease of 52.5%. During the same period, average prices increased from €1,650 in June 2022 to €1,958 in June 2023 – an increase of 19%. This would represent an additional annual spend for a new tenancy of almost €3,700.
• The whole of Co. Limerick saw the number of homes available to rent slightly decrease to 46 in June 2023 – an increase of 2 home from the previous month. Compared to August 2022, this represents a decrease of 15 homes (-25%). With average rent of June listings across the whole county now sitting at €1,796.
• Co. Clare saw a slight decrease in the number of homes available in June 2023, at 22 homes – down by 1 home from the previous month. Compared to August 2022, there has been a significant decrease in the number of homes available in Clare – decreasing from 57 (a decrease of 61%). During this time, the average rental price increased by 7%, reaching €1,309 in June.
• Co. Tipperary has historically seen the lowest average cost for rental in the Mid-West. Compared to August 2022, the average cost of rental has slightly increased to €1,146 (an increase of 2%). Meanwhile, the supply of rental properties dramatically decreased, from 55 in August 2022 to 19 in June 2023 – a decrease of 65%.
Commenting on the release, Seán Golden, Chief Economist and Director of Policy at Limerick Chamber said “ In the last three months, there has been an upward trend in the number of homes available to rent in Limerick – however, it is only marginal, increasing by two homes per month. Meanwhile Tipperary is continuing its downward trend and Clare has levelled off. Increasing rental prices are significantly affecting people’s ability to save for a deposit for a home. Combined with this, the current interest rate environment will also have a dampening effect on people’s ability to purchase homes. If the policy is to increase home ownership, then this must start with affordable rental options, such as cost rental, which will will improve people’s ability to save for a deposit. However, to date, no cost rental has been delivered across the Mid-West and this needs to change as a matter of urgency “
Commenting on the release, Eoghan Carr, Economic and Policy Analyst at Limerick Chamber said “From a sustainability perspective and working towards achieving our climate targets, our analysis shows that most rental homes across the Mid-West have low Building Energy Ratings (BER) which is significant. Not only is it expensive to rent, but the energy performance of homes is quite poor resulting in increased energy bills. There needs to be an increased push in retrofitting older homes to bring them up to a more modern standard, this should remain a priority for Budget 2024.
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