Sunday 22 January 2017

Flats near Luas stops come at a premium for renters

Published 16/12/2016 | 02:30

Living along the Luas green line will cost you more in rent – but the red line and Dart can also add a premium to housing bills
Living along the Luas green line will cost you more in rent – but the red line and Dart can also add a premium to housing bills

Living along the Luas green line will cost you more in rent - but the red line and Dart can also add a premium to housing bills.

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The average monthly rent for a property close to a Dart station is €1,530 - and renters on average pay €1,422 to live near one of the new Luas green line extension stops.

The average rent on the Luas red line is the lowest of the two combined rail networks, at €1,357. But tenants can still pay a hefty €1,920 per month to live close to the Spencer Dock stop.

The findings are contained in a new report from property website Daft.ie, which only last week linked higher prices for homebuyers with proximity to public transport.

It is clear that those in the rental market also pay a premium to live near Dublin's transport links.

Martin Clancy from Daft.ie said: "What is interesting is that while the Luas green line has the most expensive average rents overall, both Luas red line and the Dart have stations or stops that command highest premiums."

These stops are concentrated around the docklands and IFSC area, which is in demand with young urban professionals, as well as upmarket suburbs along the coastal Dart line.

The figures used in the report are average rents for two-bed apartments, with more than 16,000 properties sampled between January and November.

The report's author, economist Ronan Lyons, said the Government should pay attention to the strong link between infrastructure and property values, and even use the property tax to invest in transport.

"The figures released today highlight the value of rail infrastructure," he said.

"With the imminent opening of the Luas Cross-City extension, there are now 125 different rail stations in the Greater Dublin area.

"So this report also shows the value in looking around and seeing if there are areas that offer good access to work and other amenities but at a lower cost.

"For policymakers, the fundamental question remains how best to link upswing in properties and the money invested in rail. A good property tax system can make that connection."

Irish Independent

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