‘Chronic’ shortage of housing in Kilkenny as local rents soar
There is a “chronic” shortage of rental housing available in Kilkenny city and county which is driving up the cost of rents locally, a leading estate agent and industry expert has said.
Warren McCreery of Warren McCreery Property Consultants was speaking following the publication of new figures this week that revealed average rents in Kilkenny have climbed to a record €975.
Mr McCreery told KilkennyNow.ie: “Like most town and cities, the Kilkenny rental market has been difficult for the past 10 years. This has been the result of a lack of new homes being built coupled with a growing population.
“The situation is now chronic and demand has hugely outstripped the supply, which has resulted in increased rents year-on-year.”
Mr McCreery (pictured below) said “a minimum of 1,000 houses” need to be built over the next 24 months in order to meet the demand for homes locally.
The prices paid in Kilkenny are also below the national average, which is now €1,403 as rents rose by an average of 5.2% nationwide in the year to September 2019.
This marks the lowest rate of rental inflation across the country since the second quarter of 2013.
The average listed rent is now €373 per month higher than the previous peak in 2008 and almost €660 higher than the low seen in late 2011.
Average rents, and year-on-year change, 2019 Quarter 3
- Kilkenny: €975, up 4.8%
- Waterford: €1,007, up 5.5%
- Dublin: €2,044, up 3.9%
- Cork: €1,372, up 5.5%
- Galway: €1,299, up 5.9%
- Limerick: €1,219, up 5.9%
- Rest of the country: €1,001, up 6.8%