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City rents rise by 157% in a decade


From this week's Galway City Tribune

From this week's Galway City Tribune

City rents rise by 157% in a decade City rents rise by 157% in a decade

Rents in private accommodation in Galway City are now more than two-and-a-half times what they were around a decade ago.

New figures show that people, on average, are paying more than €13,000 per year more for their rented accommodation that they were at the bottom of the market in early 2012.

The statistics, published by property website, show that average rents in the city now stand at €1,796 – a whopping 157% higher than the market trough when they stood at around €700 per month.

Galway West TD Mairéad Farrell said the figures made for “depressing but not surprising reading”.

For Galway City, rents are up by almost one fifth (19.4%) in the past year alone.

A breakdown shows rent for a one-bed apartment in the city is averaging €1,210 (up 18%); a two-bed house €1,403 (up 16%); a three-bed €1,693 (up 20%): €2,071 for a four-bed (up 22%) and €2,069 for a five-bed (down 2%).

A closer look at the ‘rent-a-room’ figures for Galway City and suburbs shows that a single bed in the city centre is averaging €566 (up 19% year on year) and a double bedroom €648 (up 19%). For the suburbs, a single room is averaging €558 (up 21%) and €600 for a double room (up 24%).

This is a shortened preview version of this story. To read the rest of the article, see the February 17 edition of the Galway City Tribune. You can buy a digital edition HERE.

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