Limerick monthly rental prices up €400 in just one year

There were just 16 homes available to rent in the city last month

Analysis by Limerick Chamber found 86 homes were available to rent across Limerick, Clare and Tipperary in February. Included in this figure are 34 apartments, of which five were in Limerick City.

The monthly cost of rental properties in Limerick has risen by an average of €400 in the last year, with just 16 homes available to rent in the city last month.

Analysis by Limerick Chamber has found the city and its surrounding areas have had fewer than 30 homes available to rent each month for half a year now, with January and February seeing the lowest number of properties on the market.

Its rental monitor looks at the whole Mid-West region, and found 86 homes were available to rent across Limerick, Clare and Tipperary in February. Included in this figure are 34 apartments, of which five were in Limerick City.

The average price stood at €1,317 a month, but this rose to an average of €1,828 for the 16 homes on the market to rent in Limerick City. In the wider county, there were just 26 homes to rent at an average cost of €1,642 a month.

In Clare, 29 of the 35 homes available to rent had a BER of C or lower while there were just 28 apartments listed for rent in all of Tipperary.

The dearth of properties to rent and high inflation in the Mid-West is mirrored in other parts of the country. The latest figures from Daft.ie showed the average market rent countrywide rose 13.7% last year, with substantial year-on-year increases in the cities.

Rising rents in Limerick (up 18.9%) were only eclipsed by the inflation in Waterford (up 20.2%). In Dublin, the average listed rent stood at €2,324 and this came alongside a dramatic fall in availability, according to Daft.

The median adult age of leaving the parental home has risen by 50% in the last decade, as experts say tens of thousands of new rental homes need to be delivered in major towns and cities in the coming years to meet the housing needs of younger adults.

Limerick Chamber’s rental monitor only began compiling statistics in February 2022, so this is the first time it has been able to compare prices year-on-year.

Limerick Chamber economist Diarmuid O’Shea said supply remains low and the situation does not seem to be improving.

“Five apartments were available to rent in Limerick City and environs in February 2023,” he said. 

“In February 2022, there were 22 apartments available. The level of apartments available in an urban space such as Limerick City needs to be much higher in order to achieve an attractive urban living space.”