November 28, 2020
Business News Property

Waterford has lowest city rents in country – and they’re falling

Waterford has by far the lowest rents of any city in Ireland. The average rent here is less than half  the Dublin rate and is falling, a new survey shows.

The average monthly rent in Waterford at the end of the second quarter stood at €799, according to the latest Rent Index published by the Residential Tenancies Board.

It shows that rents here have fallen by 2.4% since the end of the first quarter and have shown almost no real increase since this time last year when the average stood at €797.

The average rent in Dublin is  €1,653 but the capital has experienced the sharpest drop – down 3.1% since the last quarter and 1.7% year on year.

All other cities have shown a slight increase. In Cork the average monthly rent is now €1,209, in Galway €1,169 and in Limerick €971. There were seven counties where the standardised average rent exceeded €1,000 per month in the second quarter – Cork, Dublin, Galway, Kildare, Louth, Meath and Wicklow.

The standardised rent is an average across a variety of properties from a one-bedroom apartment to a four-bedroom house.

Another survey, meanwhile, shows that property prices in Waterford have gone up by €6,000 during the third quarter of this year. Property Report, in association with Davy, shows that the median asking price for a property in the county is now €185,000. This means prices are up €10,000 compared to this time last year.

The asking price for a three-bed semi-detached house in the county increased by €6,000 over the quarter, to an average of €185,000. Prices for this house type are up by €15,000 compared to this time last year.

The asking price for a four-bed semi-detached house across the county stayed steady over the quarter at €220,000. This means prices in the segment were up €10,000 compared to this time last year, when they stood at €210,000.


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