Galway rents continue to spiral out of control in latest Daft report

Galway Daily news

The latest report published this morning makes for grim reading once again as the average rents in Galway city and county continued to rise over the summer.

In Galway city, the average rent stood at €1,713 during the third quarter of 2022 – an increase of 16.4% on Q3 last year.

Elsewhere in the county it rose by 12.2% to €1,249.

The report shows that one-bedroom apartments in the city were €1,142 on average (up 15%), and a two-bedroom house was €1,333.

Rents for three and four-bedroom houses in the city rose to €1,594 and €1,948 respectively.

For a single bedroom in a shared house in the city centre, people could expect to pay €572, while a double bedroom would set them back €617 on average.

Everywhere else in Co. Galway, there is a similar picture with rents continuing to rise, albeit less dramatically as in the city.

A one-bedroom apartment in Galway County averages €837, up 5.8%, while a two-bedroom house is €954 (3.6%).

It will cost people on average €1,103 for a three-bedroom and €1,263 for a four-bedroom house.

Nationally, rents in the third quarter of 2022 were 14.1% higher than a year previously –  the highest increase in market rents since the Daft Report was launched in 2005.

Between June and September, rents rose nationwide by an average of 4.3%.

This is the single largest quarterly increase ever recorded in the rental report in a series that goes back to the start of 2006 by some distance.