By Joe Barrett
The average monthly rent for a house in Laois now stands at €1,282, an increase of 16.2% compared to the same period last year.
This is according to the latest figures contained in the Daft.ie rental report.
The report found that in Laois, a one-bedroom apartment now costs an average of €849 to rent per month. A two-bedroom house costs €1,030, a three-bed house €1,178 per month and renting a four-bedroom house in Laois will set you back €1,340.
Market rents increased very strongly, by 6.6%, in Leinster outside Dublin from June to September 2022, almost double the previous largest quarterly increase (3.6% in 2014). Inflation up to 15% With a significant rise in rents between June and September, annual inflation in the province is now 15.3%, compared to 10% earlier in the year and a new historic high.
Over the past 20 years Daft.ie has collected a large amount of data on the Irish property market. In 2014 alone, more than 140,000 properties for sale or for rent were advertised on the site.
The author of the latest report, Associate Professor of Economics at Trinity College Dublin, Ronan Lyons, said: ‘This latest rental report contains some darker reading for those hoping to soon end Ireland’s rental problems. Each of the previous ten quarters had brought a new all-time high for the average market rent. This quarter continues this trend, with rents having increased further. This will surely come as no surprise to many. But what is remarkable is the magnitude of the increase.
“Between June and September, rents increased by an average of 4.3% nationally. This is – by far – the largest quarterly increase ever recorded in the rent report in a series dating back to early 2006. Until this latest report, the largest quarterly increase had been 3.4%. Worse, it follows strong increases in previous quarters, including a 3.3% rise in the second quarter of the year. As a result, nationwide rents were on average 14.1% higher in the third quarter of 2022 than a year earlier. This is the highest annual market rent inflation rate recorded in the Daft report since its launch.
“Worse still, it’s a national problem. There are some differences in quarterly variations, with extraordinary three-month increases of almost 7% in Leinster (excluding Dublin) and Connacht-Ulster, but below 3% in Munster. But, year on year, the rates of increase are very similar across the country: 14.1% nationally, 14.3% in Dublin, 14.5% in other cities and 13, 8% outside cities. All of this was, unfortunately, easily predictable.