The average rent in Laois now stands at €1,204, up 10.8% on this this last year.
That figure is now 128% higher than it was at its lowest point in 2011.
Market rents in the second quarter of 2022 were an average of 12.6% higher than the same period a year earlier, as availability of rental homes reached an all-time low, according to the latest Rental Report by daft.ie.
The average market rent nationwide between April and June was €1,618 per month, up 3.3% on the first three months of the year and more than double the low of €765 per month seen in late 2011.
The annual inflation rate of 12.6% nationally is the highest recorded in the Daft.ie
As has been consistently the case over much of the past decade, the increase in market rents around the country is driven a further tightening in rental availability.
However, the scarcity of rental homes has been unprecedented over the past year. Nationwide, there were just 716 homes available to rent on August 1st, down from almost 2,500 a year ago and another new all-time low in a series that extends back to 2006.
Commenting on the report, Ronan Lyons, Associate Professor of Economics at Trinity College Dublin and author of the Daft Report, said: “A resurgent economy over the last year has accentuated the chronic shortage of rental housing in Ireland.
“While the professional rental sector has added over 7,000 new rental homes in the last five years, this is small relative to the fall of 30,000 in rental listings each year in the traditional rental sector in the same period or the fall of 100,000 listings per year since 2012.
“The shortage of rental accommodation translates directly into higher market rents and this can only be addressed by significantly increased supply.
“While there are almost 115,000 proposed rental homes in the pipeline, these are concentrated in the Dublin area. Further, while nearly 23,000 are under construction, the remainder are earlier in the process and the growth of legal challenges to new developments presents a threat to addressing the rental scarcity.”
Average rents, and year-on-year change, 2022 Q2
● Dublin: €2,170, up 12.7% year-on-year
● Cork city: €1,670, up 11.8%
● Galway city: €1,663, up 16.4%
● Limerick city: €1,559, up 17.7%
● Waterford city: €1,312, up 17.1%
● Rest of the country: €1,255, up 12.0%
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