April 1, 2023
Business News Property

Property crisis: Kilkenny rental prices surge as properties to let close to zero

House rental prices in Kilkenny remain buoyant recording some of the highest rental increases in the country, new figures reveal.

The latest housing market report from Daft.ie reveals rental prices have increased on average by 5.8% in Kilkenny over the past 12 months, despite the country being in the middle of the Covid-19 pandemic.

Although rentals are rising, rental stock is huge problem with just 16 properties available to rent in Kilkenny as of this morning.

The average price of a rental in Kilkenny now stands at €1,035 a rise of 5.8%, the third-largest increase of anywhere in Ireland, behind county Offaly (6.6%) and Waterford County (8.4%)

The report reveals that in Kilkenny one-bed rentals are up 3%,  €731 up to €753; a two-bedroom rental has increased by 3% again, €819 up to €844; rents on a three-bed ave increased by 2.7%, from €938 to €965; while a four bedroom rental has reached €1,100 up from €1,043, up 5.5%.

Rental on a five-bedroom house has fallen over the past year in Kilkenny down from €1,170 to €1,095, a drop of €6.5%.

The author of the report, Ronan Lyons, said these rental figures show there is a strain on the rental market in county Kilkenny.

“Rather than a more liquid market bringing rents back down from a spike, it is an even more strained market seeing rents rise even further.

“Compared to the same period a year earlier, the number of homes coming on to the rental market outside Dublin fell by 17% April 2020-January 2021, from an average of 2,073 per month to just 1,715.

“Demand also fell, but by less (just 10%) and remaining at a higher level than supply (2,490 properties coming off per month),” Mr Lyons concluded.

A quick look at rentals on Daft.ie this morning, show there are just 16 properties available to rent in Kilkenny city and county at the moment.

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