STEEP DROP Rents in Mayo have fallen 23 percent since the peak in 2007.
Mayo rents topple, cities stabilise
Rents nationwide down 0.5 percent, Mayo down 4.1 percent
County Mayo has seen the third-largest fall in countywide rent prices over the last year, according to the latest report published by property website Daft.ie.
In Connacht, the average advertised rent fell by 3.5 percent between the second quarter of 2011 and the same period in 2012. In County Mayo, rents in the second quarter of 2012 were 4.1 percent lower than a year previously.
The greatest drop in rents was seen in County Longford, where rents fell by 5 percent. This was followed by Leitrim, which saw prices fall by 4 per cent.
Rents nationwide dropped .5 percent in the second quarter of 2012 compared to year-earlier figures. Between April and June, the average advertised rent in the country was €809 per month, compared to €814 during the same period in 2011. In County Mayo, the average is now €552 – 23 percent lower than they were at the peak in 2007.
It is a dramatically different story in many of the country’s urban centres, however. Rents in Dublin are up to 2 percent higher than year-ago figures, as are rents in Cork city (up 1.7 percent). In Galway, rents have seen a slight increase (0.2 percent).
Ronan Lyons, economist and author of the report, noted that supply conditions are becoming tighter. “This is the third summer in a row where there were fewer properties available to rent nationwide at any one time. This is particularly the case in Dublin, which means that some prospective tenants may find that they have to live further out than expected.”In Castlebar, single rooms saw the biggest price fall by far – the average asking price is now €203 (a drop of 23 percent from 12 months ago). Average prices for double rooms remained more stable at €237, a drop of 0.9 percent. One-bed properties fell 11.5 percent to €386; two-beds fell 3.1 percent to €503; three-beds fell 4.2 percent to €551; and four-bed properties fell 05 percent to €621.
Back to college
With CAO points out this week, the latest figures will make interesting reading for new and returning college students.
Between 2007 and 2010, rents fell steadily, but since then have on average changed little.
Commenting on the report, John Logue, president of the Union of Students in Ireland, said: “Rents are still down 25 percent from their peak in 2007, meaning students now are at a significant advantage compared to their boom-time peers.
“Savings in rents provide a rare comfort to families that are faced with ever-increasing costs.”
Areas close to TCD, DIT, DCU and NUI Galway have seen small increases in the last 12 months, while students in Tralee, Waterford and Dundalk can expect savings up between 4 percent and 6 percent on average.
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