Cost of renting in Waterford City has increased, according to Rental Report

Waterford City rents rise 5% and the average rent is now €1,058

Waterford City rents rise 5% and the average rent is now €1,058

Rents in Munster rose strongly in the third quarter of year by an average of 2.1% between June and September alone.

In Waterford City, rents have risen by 5% in the last year and the average rent is now €1,058.

In the rest of Waterford, rents were on average 2.9% higher in the third quarter of 2020 than a year previously. The average listed rent is now €990, up 74% from its lowest point.

The national average listed rent rose by 1.2% between June and September, according to the latest Rental Report.

The jump offsets a fall of 1.4% in the second quarter, following the outbreak of Covid-19 and means that the average monthly rent nationwide in the third quarter of 2020 was €1,419, up 1.2% on the same period in 2019 and 91% higher than its lowest point in late 2011.

There was a noticeable difference in trends in Dublin and elsewhere in the country. In Dublin, rents were largely stable between June and September, rising just 0.2% and are 0.8% below the same period in 2019.

Outside Dublin, rents rose by 2.9% in the third quarter and are now 3.3% higher than a year ago. The largest increases in rents has been in the main cities (excluding Dublin) and in the rest of Leinster. Rents in Cork, Galway and Waterford cities are roughly 5% higher than a year ago, while rents in Limerick are 3.4% up year-on-year.

In Leinster (outside Dublin), rents vary from 4% higher in Wexford to 7% in Carlow. Rents are also higher than a year previously in Munster (up 2.8%) but are 1.5% lower in Connacht-Ulster.

The number of properties available to buy on the market nationwide was almost 4,200 on November 1, down 17% on the same date a year ago. As with prices, there is a difference between Dublin and the rest of the country. In Dublin the stock available to rent is almost twice the level seen a year ago (2,700 vs 1,400) while outside Dublin, rental stock is down one third and, at just 1,435 on November 1, was at its lowest level ever in a series that dates back 15 years to the start of 2006.

The average listed monthly rent and year-on-year change in major cities for the third quarter was as follows:

Dublin City: €2,028 – down 0.8%
Cork City: €1,443 – up 5.2%
Galway City: €1,363 – up 4.9%
Limerick City: €1,260 – up 3.4%
Waterford City: €1,058 – up 5.0%

Buy the e-paper of the Donegal Democrat, Donegal People's Press, Donegal Post and Inish Times here for instant access to Donegal's premier news titles.

Keep up with the latest news from Donegal with our daily newsletter featuring the most important stories of the day delivered to your inbox every evening at 5pm.