Increase in Mayo rent prices above the national average

The cost of rent across Mayo has risen by 9.5 percent in the last year.

While this figure is slightly above the national increase (7.3 percent), price rises have significantly slowed from last year, which saw rents in Mayo rise 24.3 percent between the second quarters of 2022 and 2023.

Daft.ie’s latest Rental Price Report shows that  the average cost of renting a property in Mayo now stands at €1,338, a 0.8 percent increase on the previous quarter. 

Today, Monday, August 26,  there are 42 rental properties available in Mayo, an increase from 19 this time last year. However, like last year, none are available in Ballinrobe. 

The price of renting a one-bedroom apartment in Mayo has risen by 3.7 percent to €829, with a two-bedroom house rising 0.7 per cent to €986, while the cost of a three-bedroom house rose to €1,151, 3.7 percent.

The cost of renting a four-bedroom house in the county rose by 2.2 percent to €1,248 while the average rent for a five-bedroom house went up by 2.8 per cent to €1,340.

The report by Daft.ie found the cost of renting a two-bedroom house in Mayo to be €488 dearer than paying an average monthly mortgage for a similar property (€498).

Ronan Lyons, author of the Daft.ie report, said while the increase in property availability was welcome, realistically, it’s ‘only the start of the journey’.

Comparing the rental prices in Mayo to that of pre-Covid, Daft.ie reported an increased figure of 83 percent.

From a regional perspective, market rents in the Connacht-Ulster area rose by 0.9 percent in the second quarter of 2024.

The report marks 14 consecutive quarters in which nationwide rental prices have increased and the 45th time in the last 48 quarters.

“Ideally, more than a decade into a rental housing shortage, we would be talking about the gradual spread of the solution, rather than a return to the core problem. The solution is new supply of market rental homes, in large volumes, in each and every rental market in the country,” concluded Mr Lyons.

This comes as Castlebar based county councillor Harry Barrett has highlighted the case of a family of five facing homelessness due to the lack of rental accommodation in the town. Cllr Barrett said this family will suffer as a result of the ‘failure to put in place a proper housing strategy in this county over the last 30 years’.

More action on the huge levels of vacancy and dereliction in this town and county is needed, not enough is being done about it.

Cllr Barrett said it is ‘no reflection’ on Mayo County Council, when he spoke to The Mayo News today (Monday).

He added, “They need more funding from central government, and they can't magic up houses and magic up builders.”