The latest Daft.ie report shows the average cost of renting in Waterford is now roughly 760 euro. The latest Daft.ie report shows the average cost of renting in Waterford is now roughly 760 euro.
The average nationally is almost 1 thousand 2 hundred euro, representing a new all-time high.
In Waterford City, rents have risen by 8.5% in the last year and the average rent is now €797.
In the rest of Waterford, rents were on average 9.9% higher in the third quarter of 2017 than a year previously.
The average advertised rent is now €760, up 34% from its lowest point.
Commenting on the report, Ronan Lyons, economist at Trinity College Dublin and author of the Daft Report, said: “Rents continue to rise, and rise at close to record rates, due to an acute and worsening shortage of accommodation. Four of the five largest quarterly increases in rents have now occurred since the start of 2016 and rents in 46 of the 54 markets covered in the report now exceed their Celtic Tiger highs.
“It is now increasingly agreed that the country needs at least 40,000 and probably closer to 50,000 new homes a year, to meet underlying demand. As Ireland catches up with its peers in terms of demographics and urbanisation, the construction effort should focus on apartments, of all types, in major urban areas. What is stopping that from happening is how high costs are relative to our own incomes. Caps on rent increases may help sitting tenants but are at best of no consequence in solving the underlying challenge.”
Year-on-year change in rents, Q3 2017″ Dublin: €1,774, up 12.3%” Cork: €1,144, up 5.3%” Galway: €1,057, up 9.8%” Limerick: €956, up 10.9%” Waterford: €797, up 8.5%” Rest of the country: €847, up 10.8%