Tipperary rents continue to rise in ‘chronically starved market’

Tipperary rents continue to rise in ‘chronically starved market’

The average rent in Tipperary was €1,169 in quarter four of 2022. 

That is according to the latest Daft.ie Rental Price report released this week. 

Daft.ie reported a 16.8% rise in rents year on year for Tipperary and 3.2% compared to the last quarter. 

PROPERTY TYPE

The highest annual change was in three bedroom houses which showed a 22% annual change at an average monthly rent of €1,087. 

A two bed-house rose by 20% to €921, while four-bedroom houses rose 17% to €1,192. 

Five-bedroom houses rose 6% to €1,465. 

One bedroom apartments went up 17% in a year to €787. 

TWO FOR THE PRICE OF ONE 

Based on a 3.25% variable mortgage, for a term of 30 years, with 85% LTV, a one-bedroom apartment had a mortgage of €348 per month. 

That is less than half the price to rent a one-bedroom apartment. 

For a two-bedroom house the mortgage would be €430 per month or €921 to rent. 

MUNSTER

Rents rose 11% compared to the same period the previous year and 2% compared to Q3 2022. 

Nationally, rents rose 13.7% which was the second-highest year on year increase since the first Daft.ie report.

It also shows that Tipperary rents are rising faster than the national and provincial rates both year on year and by quarter.  

ANALYSIS

Associate Professor in Economics Trinity College Dublin Ronan Lyons said in his introduction:

“Ireland’s private rental market remains chronically starved of homes.”

He said that the big problems lie in the country’s lack of rental homes, not properties for sale. 

Professor Lyons said this shows no sign yet of improving.

“The lack of awareness of just how grim things are includes, it must be said, some local authorities and some national policymakers. Over the past year or so, various efforts have been taken to limit, not increase, the construction of new rental homes. This is, by any accounts, an extraordinary turn of events,” wrote Professor Lyons. 

Professor Lyons was speaking in respect of national rental stock. 

However, in Tipperary today, there were only 14 properties for rent in all of Tipperary. 

Comparatively, MyHome.ie showed four residential properties listed.