Daft Rental Report, Tipperary Q2 2010 – Rents largely unchanged in second quarter of 2010

Rents largely unchanged in second quarter of 2010

19th August, 2010 – Rents across the country fell by less than 1% between April and June, according to the latest report published by the property website Daft.ie. In July, the average asking rent in the country was just over €835 per month, down 5% on the same time last year.

In the second quarter of the year, rents fell by between 1% and 3% in Dublin, Cork and Waterford city centres. In Galway city and Limerick city, rents increased by up to half a percent, while elsewhere in the country rents fell by 1% on average. Commenting on the report, Ronan Lyons, Economist with Daft.ie said, “The year-on-year fall in rents is now at its slowest pace in two years, suggesting that the rental market may be close to stabilising. Nonetheless, the total stock of properties available to rent remains high, which means we are unlikely to see rents rising rapidly in the near future.”

Rents in Tipperary
Rents in Munster fell by 1.1% between April and June, having been largely static in the first three months of the year. The average rent in Tipperary in the second quarter of 2010 was €630, down 1.0% on the first quarter and €185 lower than the peak in 2008.

With Leaving Certificate results out yesterday, the latest figures will be welcome news for new and returning college students. This is the third year in a row that rents have been lower than the previous year. Compared with 2007, a typical student renting a two-bedroom property could expect to save between €1,500 and €4,000 over the course of the academic year.

The cost of accommodation for students still varies significantly around the country, with the average cost for a double room in Dublin city centre about twice the cost of renting in Athlone, Castlebar and Tralee.

Table: Universities and ITs ranked by average cost of double room

College

Area

Average monthly rent

Year on year change

TCD / DIT

Dublin City Centre

€501

-6.2%

UCD/ IT Tallaght

South Dublin City

€467

-4.1%

DCU

North Dublin City

€402

-6.7%

IT Blanchardstown

West County Dublin

€376

-5.5%

NUI Maynooth

Maynooth

€361

-1.6%

UCC

Cork City Centre

€345

-3.1%

NUI Galway / GMIT

Galway City Centre

€339

-3.7%

Cork IT

Cork City Suburbs

€325

-4.1%

Carlow IT

Carlow town

€289

0.3%

Waterford IT

Waterford City

€286

0.0%

Sligo IT

Sligo town

€266

-0.7%

UL / Limerick IT

Limerick City Centre

€265

-4.7%

Athlone IT

Athlone

€262

-3.3%

GMIT

Castlebar

€260

-3.3%

IT Tralee

Tralee

€257

-7.9%

Letterkenny IT

Letterkenny

€219

-2.2%

The full report, available online at www.daft.ie/report contains a special snapshot for students on rents close to all major universities and ITs, as well as a commentary by Gary Redmond, President of USI, and analyses of affordability and residential yields around the country.

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