Newcastle is still the most expensive location in Galway City for private rented accommodation, according to new Government research.
The latest statistics from the Residential Tenancies Board (RTB) and Economic and Social Research Institute (ESRI) show that rents in Newcastle in the third quarter of this year were averaging €1,175 per month – up around 2% from €1,150 a year earlier.
Meanwhile, for Galway City as a whole, the average rent per month was €1,044, up 4.1% from €1,002 in the third quarter of last year.
An analysis of the figures by the Galway City Tribune shows the next most expensive location in which to rent was Ballybrit at more than €1,165 per month – up 23% from €947 a year earlier.
The third most expensive location was Bohermore at an average of €1,076 per month, down slightly from €1,080 a year ago.
Woodquay – which normally ranks among the most expensive locations – is excluded from the report due to a lack of data.
The cheapest location in which to rent in Galway City was in Ballybane at €844 per month, up 7.5% from €785 one year earlier. At the city limits, Oranmore was averaging €879 per month, up 7.3% from €879.
Back within the city, Doughiska was the third cheapest location at €894, up 4.5% from €855.
For County Galway, rents averaged €936 per month, up just under 4% from €901, while the most expensive location was Barna at €1,059 – up 10.6% in just twelve months.
The cheapest location in the county was Portumna at an average of €465 per month – up 4.5% from €445 a year previously.
RTB Director Rosalind Carroll said the increases are down to the continued growth of the economy, along with a lack of supply of suitable properties.
“Strong demographic and economic growth matched with low levels of supply is continuing to put significant pressure on the private rental market and those trying to find a place to live.
“Despite a moderate slowdown in the pace of growth in the first quarter of 2017, quarters 2 and 3 show that rents are continuing to trend upwards, with an increase in the pace of growth in quarter 3. These findings reflect the unprecedented situation of continued low supply of properties and high demand in a volatile rental market,” she said.
The RTB Rent Index is the most accurate rent report of its kind on the private accommodation sector in Ireland because it reflects the actual rents being paid, according to the RTB’s records, as distinct from the asking or advertised rent, which is the basis of other rent reports such as Daft.ie.