Thursday 20 June 2019

Renters paying a €3,300 premium each year to live near Dart or Luas

Commuters living along the Dublin coastline pay a particularly high premium to live close to a Dart station. (DART Stock picture)
Commuters living along the Dublin coastline pay a particularly high premium to live close to a Dart station. (DART Stock picture)
Charlie Weston

Charlie Weston

People who rent near a Dart or Luas stop are having to pay a huge premium, new research indicates.

Rents for properties close to Dart stations and Luas stops were 12pc more than the Dublin average rent of €2,002 a month in the first three months of 2019, according to new research from Daft.ie.

This means that renters living close to Dublin's light rail network are now paying a premium of €3,336 a year, compared with the average rent elsewhere in the capital.

Commuters living along the Dublin coastline pay a particularly high premium to live close to a Dart station.

Sandymount Dart station is the most expensive, with average rents at €2,905 a month.

After Sandymount, Lansdowne Road costs an average of €2,850, based on analysis of costs for a three-bedroom semi and two-bedroom apartments within 1km of each rail stop in the Greater Dublin Area between April 2018 and March 2019.

On the Luas, homes close to Spencer Dock on the red line command the highest average rents at €2,858, while those living near O'Connell Street (€2,678) pay most on the Luas green line.

The three most and least expensive Luas stops to live by are all on the Luas red line.

Spencer Dock is nearly double the least expensive Luas stop, which is Cheeverstown, with an average monthly rental of €1,547.

Daft.ie also included average rental prices along the proposed MetroLink route.

The most expensive rental homes in the current plan are in the north city centre, with homes near O'Connell Street at an average of €2,678.

The least expensive rental properties are in Dardistown at €1,700, Fosterstown at €1,719 and Seatown at €1,780.

Trinity College Dublin economist Ronan Lyons said: "The old adage in real estate is location, location, location, and once again, we see the evidence of this in the rental market."

He said the same kind of home costs a different amount depending on where it is located in the city, reflecting the services and amenities in each area.

"But also, it's the case that homes close to rail stations are more expensive than similar homes without one nearby," Prof Lyons said.

"In other countries, this upswing in value caused by public investment is ring-fenced to go back to funding those projects.

"With plans for more light rails and metros in Ireland, this might be something the Government considers here."

Higher property taxes are used to capture the higher property values in other countries.

Irish Independent

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