City rent prices drop more than 10 percent

Galway Daily business Galway house prices increase 2.1%

The cost of rent in Galway city dropped by more than 10 percent in the last quarter of 2018.

The latest report from the Residential Tenancies Board found that the cost of rent in Galway city declined from €1,190 to €1,064 in the last three months of the year, a drop of 10.6 percent.

However that level was still more than 5 percent higher than in the fourth quarter of 2017.

Galway county also saw a significant decrease, with average rents falling 8.7% from €1,113 to €1,016 in Q4 2018.

The average cost to rent in Ireland is now €1,134 as of the last quarter, with Dublin remaining the most expensive area by a significant margin at €1,650.

After Dublin, Cork is the most expensive city (€1,095) followed by Galway.

Commenting on the latest Rent Index results, Rosalind Carroll, Director of the Residential Tenancies Board said the latest report shows that Limerick city east and Navan town should be designated as Rent Pressure Zones.

Despite the Q4 decline, she said that the cost of rent is still alarmingly high. “Looking back over the 2018 year, we have seen another year with continued pressures in the market and continued inflation, with rents now 15% higher nationally than the peak in 2007.”

“We have seen some moderation in the market in the last two quarters, we would hope with more supply coming on stream and the RTB getting more regulatory powers that we will see further easing of inflation in 2019”