Average rents in County Galway fall in first Quarter of 2018

Galway Daily news housing allocation scheme Gaeltacht

The standardised average rent for new tenancies in County Galway in the first Quarter of this year is down by €13 on the last three months of 2017, according to the Residential Tenancies Board.

However, at €954, the average rent is up from €881 one year earlier.

The figures were contained in the RTB’s Quarter 1 2018 Rent Index Report which was published today in conjunction with the Economic and Social Research Institute (ERSI).

The report, based on 19,879 new and renewed tenancies in Q1 2018 showed that in Dublin the average rent for new tenancies stood at €1,527, in the greater Dublin area (Meath Wicklow & Kildare) it was €1,104; outside of the Greater Dublin Area, new average rents were €791.

The annualised new rent increase nationally is +7.1% with Dublin the highest single region (+7.8%) while outside Dublin the annualised rate is down from Q4 2017: 8% to 6.3% in the GDA (Kildare, Wicklow, Meath) and 7% to 6.6% in outside the GDA.

In the larger cities Cork City’s year on year change was 3.4% compared to Dublin City, 8.8% and Limerick, 10%.

On a quarter by quarter basis, the report shows that the national rate of rental growth in Q1 2018 versus Q4 2017 was just 0.4%, signalling a moderation of rent inflation.

The equivalent quarterly increase was 1.1% in Q4 2017, 2.6% in Q3 2017 and 2.8% in Q4 2017. In Dublin, the quarterly growth rate was 1.0% compared to 1.1% in Q4 2017.

Reflecting the impact of Dublin and the GDA on the overall Index, just four counties in the country have new rent levels above the national average of €1,060.

They are Dublin, Kildare, Wicklow and Meath. The standardised average rents in Cork and Galway are also over €1,000.