LIMERICK City is now the second most expensive place to rent in all of Ireland, coming in second only to Dublin, according to the latest report compiled by Daft.ie.
The average rental price in Limerick City in the first quarter of 2024 was €1,933 per month, according to the rental site’s new report, more than any other city outside Dublin.
This represents a 17.5 per cent increase in rental prices in the city on the same period last year.
Rental prices in County Limerick have also seen an increase year-on-year, up 4.9 per cent in on the same price last year, with the average rental price for the county coming in at €1,402 in the first quarter of the year.
There was a slight decrease in rental prices in the county on a quarter-by-quarter basis, with prices down 2.4 per cent compared to the last quarter of 2023.
There was some good news for those looking to rent a single bedroom in Limerick City though, with the average price of a single room in the city coming in at €513 per month, down five per cent on the same period last year. Prices for a double room were up however, with the average cost seeing a four per cent increase, coming in at €633.
Author of the report, Professor Ronan Lyons, said that “in Munster outside its three cities, for example, rents were effectively unchanged” in the first quarter of 2024, compared to the last quarter of 2023.
However, the news is mixed, as while the rate of rental increases has slowed down, rents haven’t become more affordable.
“For more rents to become more affordable, there needs to be greater supply relative to demand. But while demand has grown, supply remains very tight,” Professor Lyons said.
