Rents for homes near Luas stops soar by 21%

Rents for two- and three-bedroom homes close to the new Luas cross-city route soared by 21% in the last year.

Rents for homes near Luas stops soar by 21%

The steep increase in rents compares to a 17% rise for rental homes near other rail stations.

However, the study by property website, Daft.ie, shows that commuters living on Dublin’s coastline pay the most rent.

Monthly rents for homes close to the Sandymount Dart are around €2,274.

Rents near Dart stations are among the most expensive with Pearse (€2,174), Lansdowne Road (€2,141), and Dalkey (€2,135).

Homes close to Spencer Dock on the Luas Red Line are the most expensive to rent at €2,212, while those close to the Charlemont stop, where the average rents are €2,042, pay the most on the Luas green line.

Average rents for each stop on the new Luas Cross-City Line, which opened on Saturday, are also analysed, with properties close to the new Dawson, Trinity, and Westmoreland stops the most expensive at around €1,968.

The least expensive homes to rent close to the Luas are Cookstown (€1,279), Belgard (€1,240), and Cheeverstown (€1,038).

On the Dart line, the lowest rents are in Greystones (€1,439), Bray (€1,408) and Donaghmede (€1,393).

Economist Ronan Lyons said that as, with properties for sale, it is clear that the new Luas Cross-City Line stops have the potential to rejuvenate parts of the city previously poorly served by light rail.

“The clear economic effect of such public investments will hopefully give policymakers food for thought when thinking about how to finance transport infrastructure in the future,” he said.

Martin Clancy of Daft.ie said it is interesting that while the Dart has the highest rents for individual stations, the Luas Green Line and Cross-City live have the highest average rents across all stops — they are both €1,770.

“Luas Green and Cross-City Line commuters are paying a premium of €170 on average per month compared to the average rent of €1,600 on the Red Line,” said Mr Clancy.

However, Luas Green and Cross-City Line commuters are paying a premium of €170 on average per month compared to the average rent on the red line (€1,600).

Previous research by Daft.ie found that the value of three-bed homes near the new Luas cross-city stops in Dublin rose by 15% in the last year.

However, the value of similar homes near other rail stations increased by 6%.

It also emerged that commuters living on the Dublin coastline pay the most for a property, with homes close to the Sandymount Dart averaging €784,000.

Daft.ie, together with KBC, have produced Dart and Luas stop-by-stop rental and house price maps.

The maps are based on an analysis of the average rental prices for properties close to each of the 125 stops and stations in the greater Dublin area between January and November.

Prof Lyons has said that such studies highlight how the value of being close to the rail network is factored into the price paid by renters.

They also show the value in looking around to check if there are areas that offer good access to work and other amenities, by being close to rail facilities, but at a lower cost.

Mr Clancy said convenience and affordability are two critical concerns for almost everyone in Dublin.

The price maps are available at www.daft.ie

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