RENTAL supply across the Mid West increased by almost 50 per cent in July, according to latest figures from Limerick Chamber.
The Chamber found that 130 homes were available to rent across the three counties in the Mid West (Limerick, Clare, Tipperary) in July, up from 87 in June.
The figures were released as part of Limerick Chamber’s Mid West Rental Monitor for July, and represents the largest increase of homes available to rent since Limerick Chamber began keeping records in August of last year.
However, in the city and suburbs, July 2023 saw a 29 per cent decrease in the number of homes available on the private rented market compared to the same month last year.
July 2023 showed just 22 homes available to rent, while July 2022 had 31 properties available.
Prices had also increased during this period with the Chamber finding that the average rent for the city and suburbs stood at €1,876, up from €1,641 in July 2022.
That increase would mean renters face having to pay an additional €2,800 a year for a new tenancy.
County Limerick had 46 homes available to rent in July, which is unchanged on the previous period.
According to the Chamber, average monthly rents for County Limerick now sit at €1,649.
Elsewhere in the Mid West, Clare saw an increase in the number of homes available to rent, with 32 homes available in July, up 10 on the month before.
Tipperary however had the biggest increase across the Mid West with a massive 174 per cent increase in the number of homes available to rent.
There were 52 homes available in the Premier County in July, up from 19 in June.
According to the Chamber, “this major increase sparked scepticism but was verified by several estate agents in the area”.
Commenting on the figures, Chief Economist and Director of Policy at Limerick Chamber Seán Golden said that while the increases are a good news story, the overall picture is still negative.
“The Mid West has experienced a significant increase in the availability of residential homes to rent in July – this is largely driven by drastic increases in Tipperary and, to a lesser extent, Clare. However, Limerick remains unchanged. While the average cost of rentals has fallen at the Mid West level, this is likely due to increased amounts of smaller homes.”
“That said, the underlying data paints a more negative picture. Both Limerick City and County have remained relatively stable in terms of supply with no sign of it increasing, with average prices remaining high,” he said.
“Over the last year, across all three counties, prices have been trending upwards,” Mr Golden concluded.
