September 23, 2020
Business News Property

Kilkenny rents rise faster than anywhere else in Ireland over past 12 months

House rental prices in Kilkenny have risen faster than anywhere else in Ireland, new figures reveal.

The latest housing market report from Daft.ie reveals rental prices have increased by between 4% and 11% in Kilkenny over the past 12 months depending on the type of property, despite the country being in the middle of the Covid-19 pandemic.

The average price of a rental in Kilkenny now stands at €999 a rise of 4.2%, the largest increase of anywhere in Ireland.

The report reveals that in Kilkenny one-bed rentals are up 9% to €731; a two-bedroom rental has increased by 5% to €819; a three-bed now stands at €938, up 4%; a four bedroom rental has reached €1,043, up 5%; while a five bedroom house rental has jumped 11%, up to €1,170.

These figures are all the more remarkable as the report found there is a 40% increase in available rentals nationally on the same time last year.

The author of the report, Ronan Lyons, said these rental figures may represent landlords looking to the future.

“The nature of Rent Pressure Zones punishes landlords who cut their rents.

“If you lower your rent now, the rent you set in 1, 3 and 10 years will reflect the cut you make today.

“So, however open landlords might be to haggling ‘at the door’ and offering a month or two free rent at the start to sweeten the deal, they may be very reluctant to flag in an ad that they are indeed cutting their rent,” Mr Lyons concluded.

 

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