September 26, 2020
Business News

Student rents just keep on rising in Waterford

Hopes of a reduction in rent for students in Waterford have been dashed by a new survey.

It shows that rent for a one-bedroom apartment in the city has gone up by an average of 2% over the past year and by 4% in the county.

Covid-19 restrictions have moved many courses online at Waterford  Institute of Technology (WIT) and other third-level colleges and it had been thought this might reduce demand for accommodation, leading to a drop in rents.

But the latest survey for Daft.ie shows that rent for a one-bedroom apartment in the city has risen to an average of €769 a month and €701 in the county..

Rent for a one-bedroom apartment which the report defines as “near” to WIT has risen more steeply – up 5%  to €676 a month.

Two-bed apartments near WIT are up 7% to €859 and three-bed houses near WIT are up 1% to €1,016.

Waterford’s rents are still among the lowest in the country, compared to other towns and cities with third-level colleges. They are on par with Sligo and dearer than Tralee and Letterkenny but cheaper than Galway (€977 for a one-bed) and Cork (€993). Rents in Dublin are much higher; a one-bed apartment near Trinity or UCD costs €1,538 a month on average.

The survey also looked at the cost of renting a single room in a house. It is €350 in Waterford city, an increase of 2.3% and €398 for a double bedroom, an increase of 3.1%. The rent for a single bedroom in Dublin city centre is an average of €690.

Ronan Lyons, Assistant Professor in Economics at TCD, who prepared the report for Daft.ie, said it would have seemed reasonable to think that students might have been able to derive some small benefit from the Covid-19 economic crisis.

“But it seems that rents are, for the moment, stuck where they are,” he said.

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