Galway City Tribune – Rents for private accommodation in Galway City have almost doubled in the past seven years, according to a new report from property website Daft.ie.
The quarterly rental market report shows that since the ‘trough’ in the rental in early 2012, average rents have increased by 91.4% in the city, while the county has seen an increase of 77.5%.
As a further comparison, rents in the city are now 49% above their Celtic Tiger peak in 2008.
That means that average monthly mortgage repayments on a three-bed house in the city would be around €350 less than rental payments, and almost €400 less for a similar property in the county.
The average monthly rent in the city now stands at €1,260, up 11.4% year on year; in the county the average is €906, up 16.6% year on year. Nationally, the average rent is €1,366, up 8.3% on last year.
For comparison, rents in Meath are averaging €1,299 per month (up 101% since the bottom of the market; Louth averaging €1,206 (up 97.5%); Cork City averaging €1,331 (up 86.4%); in Limerick City they average €1,195 (up 96.5%).
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