Sunday 26 February 2017

Rental Market: Connacht and Ulster

Figure in brackets represents how county ranks nationwide in terms of cost of 'average' home

Newcastle, close to NUI Galway, is one of the most expensive locations in which to rent outside of Dublin
Newcastle, close to NUI Galway, is one of the most expensive locations in which to rent outside of Dublin

Galway(4) - The most expensive county in the province, and fourth priciest overall, the 'average' home costs €783, rising to €866 in the city.

Newcastle, close to NUI Galway, is one of the most expensive locations in which to rent outside of Dublin, second only to Leixlip in Kildare. Almost 14,000 units are rented in the city.

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Sligo (11)

There has been no change to 'average' rents in Sligo, which stand at €584. However, they have dropped by 6pc for a three-bed semi-detached home, the most popular rental property.

The average cost across the county is €535, which rises to €605 in Sligo town, and to €907 in Ballinode.

Mayo (20)

Mayo has experienced among the sharpest drops in rental prices, which have fallen by 16pc.

A three-bed semi-d now costs €504, compared with €597 five years ago. In Castlebar, the fall is even sharper, down €100 to €525. A two-bed apartment has dropped by 19pc in Castlebar, to €502.

Roscommon (22)

An average home can be secured for €456 in Roscommon, which is down 14pc on 2010. In Athlone, the cost of a three-bed semi-d is down more than €100 per month to €597. Price reductions have been steeper in Ballaghaderreen, where this property is available for €375 compared with €528 five years ago, a drop of 29pc.

Leitrim (25)

The cheapest county in the province, and second-cheapest overall, the average home costs €409, down 10pc.

The number of rental properties available is the lowest in the country, with just over 1,500 currently let. The biggest market is in Carrick-on-Shannon, where a three-bed semi-d costs €409, and a two-bed apartment is €392.

Monaghan (21)

The most expensive of the Ulster counties, but still among the cheapest places in the country, an average house in Monaghan costs just €491 per month, a drop of 7pc.

The rental market is concentrated in Monaghan town and Castleblayney. A three-bed semi-d averages at €507 across the county, rising to €559 in the county town.

Donegal (23)

Prices in Donegal have declined by 16pc with an average home now costing €441. A three-bed semi-d in Letterkenny costs €472, down 17pc, but it is cheaper to rent in Donegal town and Buncrana.

Apartment rents have also dropped considerably, down 17pc on average. A two-bed costs just €344 in Donegal town, rising to €455 in Letterkenny.

Cavan (24)

The average home costs €438, down 11pc, with similar drops for three-bed semi-ds and two-bed apartments. Just over 2,700 rental properties are available in the county. Prices for a three-bed semi-d are highest in Cavan town, while a two-bed apartment is most expensive in Cootehill.

What's the real cost of renting in your area?

Irish Independent

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