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Homes for rent at lowest level since the boom

Enda Cunningham

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Ronan Lyons, Economist with Daft.ie

As the supply of available housing continues to dry up, rents across Galway have increased by almost 11% over the past year, according to new research.

Availability is now as its ‘tightest’ since the height of the economic boom in 2007.

A survey from property website Daft.ie found that rents in the county are up by 10.7%, while in the city, the increase was 7.4% over the past twelve months.

Those in private residential accommodation in the city are now paying an average of €889 per month, while their county counterparts are paying an average of €606.

Economist Ronan Lyons from Daft.ie said the continuing increases are due to an “extreme shortage of supply”, which is also causing homelessness and a lack of student accommodation.

At the moment in the city, a one-bed apartment costs an average of €617 per month; a two-bed rents for around €831; a three-bed semi for €943; a four bed for €1,024 and a five-bed for €1,199.

Rents in the city have now jumped by 16% from their lowest point in 2010 and 2011.

Significantly, the number of units available to rent between Galway, Limerick, Cork and Waterford cities currently stands at 600 – that’s the tightest the market has been since 2007.

The national average rent between January and March of this year was just over €960. That’s 8.2% higher than at the same point last year.

Mr Lyons explains: “Over the last ten years, the number of households renting has grown rapidly but a renter today finds themselves with less choice on the market than at any other time since 2006.

“This extreme shortage of supply is at the heart of not only rising rents and house prices but also issues around working homeless, student accommodation shortages and a lack of options for those in mortgage arrears.

“Solving the lack of housing will require initiatives to moderate the high cost of building homes in this country and completely reforming the way social housing is funded,” said Mr Lyons.

Connacht Tribune

Pandemic sees surge in digital

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David Curtin...digital upsurge.

The pandemic – and the need to switch business to the net – saw a massive 37% rise in new .ie domains registered in Galway over the last twelve months.

In total, 2,927 local businesses, services, and community groups mobilised online in response to pandemic, according to the latest .IE Domain Profile Report.

And that reflected the national picture which saw 65,113 new .ie domains registered in total in 2020 – the highest ever figure – with registrations peaking in May, six weeks after Government ordered non-essential retail to close.

There were 5,705 new .ie domain registrations in Connacht alone in 2020, a 38% increase on 2019. Indeed every county on the island recorded an increase in registrations. .IE is the national registry for .ie domain names.

David Curtin, Chief Executive of .IE, Ireland’s national registry for .ie domains said there had been a ‘mass mobilisation of digital in every part of the economy and society’ in response to the challenges of the Covid-19 pandemic.

“It suggests that businesses and public services, regardless of county or whether they are in a city or a small town, were able to quickly and easily set up an online presence and meet local demand in response to the Covid-19 pandemic. This is evident in Galway and across the entire province of Connacht,” he said.

“Businesses migrated online, many for the first time, in direct response to the lockdowns,” he said. “They realised that having an online presence, and in many cases e-commerce capabilities, would at the very least minimise the damage of reduced or non-existent footfall.

For more, read this week’s Connacht Tribune.

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Western Development Commission invests €2m in Galway based Atlantic Therapeutics

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Manager at WDC at the recent announced of the WDC’s €2m investment.

The Western Development Commission has recently invested €2million in Atlantic Therapeutics, the Galway-based company pioneering a non-invasive, wearable treatment for urinary incontinence – a condition that impacts on one in three women worldwide.

It’s the largest single investment the WDC Investment Fund has made to date and is complemented by returning investors Seroba Life Sciences, Earlybird, LSP, Andera Partners and Atlantic Bridge, who continue their ongoing support for Atlantic Therapeutics with a substantial undisclosed investment.

The financing will support the expansion of the company’s commercialization activities in the core US and UK markets for its INNOVO technology to treat urinary incontinence. Also known as bladder weakness, urinary incontinence is a stigmatised condition that impacts one in three women worldwide, having a profoundly negative impact on quality and enjoyment of life.

Atlantic Therapeutics has established the INNOVO brand as the leading innovation in non-invasive, wearable neuromuscular electrical stimulation. The device acts to strengthen the pelvic floor and thereby treat the underlying cause of bladder weakness.

The technology has offered hope to millions of women worldwide whose only option to deal with bladder leaks has to been to use feminine hygiene pads.

The Western Development Commission’s €75m Investment Fund is an Evergreen investment fund, providing seed and venture capital and loan finance to SMEs, micro-enterprises, social enterprises and community projects across the Western Region.

To date, it has invested in more than 200 enterprises supporting over 5,000 jobs and leveraging over a quarter of a billion investment for western enterprises.

For more, read this week’s Connacht Tribune.

Connacht Tribune Digital Edition App

Download the Connacht Tribune Digital Edition App to access to Galway’s best-selling newspaper.

Click HERE to download it for iPhone and iPad from Apple’s App Store, or HERE to get the Android Version from Google Play.

Or purchase the Digital Edition for PC, Mac or Laptop from Pagesuite  HERE.

Get the Connacht Tribune Live app
The Connacht Tribune Live app is the home of everything that is happening in Galway City and county. It’s completely FREE and features all the latest news, sport and information on what’s on in your area. Click HERE to download it for iPhone and iPad from Apple’s App Store, or HERE to get the Android Version from Google Play.

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Connacht Tribune

Food for thought at hotel careers fair!

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Jacinta Dalton and Diarmuid Ó Conghaile, Galway International Hotel School Heads of Department, at last year’s onsite Careers Fair.

Over 45 tourism and hospitality employers outlined a range of options across the sector at home and abroad for the legion of interested students who attended the Virtual GMIT International Hotel School Careers Fair last week.

Those options included work placements, summer jobs – as well as further graduate employment opportunities to GMIT students and alumni.

Among the students involved was Ciara Heneghan, who is in her 4th year of the BA in International Hotel Management.

“This year more than ever the Galway International Hotel School’s Careers Fair provided a great opportunity to all current students and alumni to meet and engage with many employers – albeit virtually,” she said.

“Personally, I have benefitted greatly from this careers fair in the past and secured wonderful work placement opportunities. We have grown accustomed to engaging online over the last year and this year’s virtual Career’s Fair presented all options once again.”

Diarmuid Ó Conghaile, Head of Department for Tourism & Heritage, said that the annual Careers Fair had gone from strength to strength.

“Its success is driven by our Links Office, who coordinate with our industry partners at home and aboard to offer both accredited placement and graduate opportunities to our students,” he said.

For more, read this week’s Connacht Tribune.

Connacht Tribune Digital Edition App

Download the Connacht Tribune Digital Edition App to access to Galway’s best-selling newspaper.

Click HERE to download it for iPhone and iPad from Apple’s App Store, or HERE to get the Android Version from Google Play.

Or purchase the Digital Edition for PC, Mac or Laptop from Pagesuite  HERE.

Get the Connacht Tribune Live app
The Connacht Tribune Live app is the home of everything that is happening in Galway City and county. It’s completely FREE and features all the latest news, sport and information on what’s on in your area. Click HERE to download it for iPhone and iPad from Apple’s App Store, or HERE to get the Android Version from Google Play.

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