Local rent has gone up by more than 6% in the last year.
The latest figures from Daft.ie show Carlow rents were on average 7.1% higher in the first quarter of 2021 than a year previously.
The average listed rent is now €1053, up 78% from its lowest point in the recession.
In Kilkenny, rents were on average 6.1% higher than 2020 with the average in the county now €1057, up 85% from its lowest point.
Economist Ronan Lyons says this growth is similar to what’s happening everywhere except in Dublin, telling KCLR News “Take the first three months of 2021 and compare them to the same period in 2020 rents in Carlow and Kilkenny are between 6 & 7% higher than they were a year ago, that’s on a par with what we’re seeing across Ireland outside of Dublin, rents in Dublin are down about 3% year-on-year and that drags the national average down quite a bit but outside of Dublin, really you’re talking, it depends on the part of the country, but between 5 & 10% up”.
He adds that the increases are due to an ever-decreasing supply in the rental market locally, noting *
“If you take the three South-East Leinster counties as a group, so Kilkenny and Carlow but also Wexford, on the first on January 2020 there were 190 homes available to rent in those three counties, that’s not a lot, but it’s certainly above what it is now, the first of May there were 57, this shows you the fall off in rental availability and that’s what’s pushing rent up”.
Meanwhile, Ciarán Dunphy’s a property consultant with DNG Ella Dunphy in Kilkenny and he’s been telling our Sue Nunn what the local market’s like as the sector returns this week: