Galway city rents have jumped to over €1,000 this year

Galway Daily news

The cost to rent a property in Galway city has risen by 7.6 percent in the past year, with an average price of €1,065.

That latest report from the Residential Tenancies Board found that in three months alone, from April to June, rents in the city rose by four and a half percent.

In the county the average rent is €994, up 7.7 percent on last year when it was €924.

The Residential Tenancies Board released its Rent Index report for the second quarter of 2018 this week.

Commenting on the finding of the Rent Index Rosalind Carroll, Director of the Residential Tenancies Board said:

“Affordability remains a significant issue in the rental market with continued economic and population growth contributing to rising demand.”

“However, additional analysis carried out in this rent index, gives us more insight into what is driving growth, particularly in Rent Pressure Zones,” she added.

She said the RTB uses a new indicator to separate the rate of inflation for existing and new tenancies.

“This found that the rate of rental inflation year-on-year for existing tenancies was 4.9% just over half of the rate for new tenancies, which is 8.4%.”

Housing Minister Eoghan Murhpy has said that people are paying too much in rent and this has to be controlled.

The Minister added that he will shortly be introducing new rent protection measures in the Dáil.

At the launch of the annual report for 2017 the Galway Simon Community warned that a rent cap is of no use if it’s not being enforced.

Minister Murphy only narrowly survived a no confidence in the Dáil on Tuesday which was defeated 59 votes to 49.

According to the RTB the average national rent is €1,094, up 7.6% from last year.

The highest rents are in Dublin where the average cost to rent a property is a colossal €1,587.

Rents have been growing most rapidly in Limerick city where prices have gone up by more than 12% in the last year, standing at €880 in the second quarter of this year.

The Rent Index report is based on data from 18,716 tenancies around Ireland