Rent in Dundalk surges to highest level on record
Rents in Dundalk rose to their highest levels on record in the first quarter of 2017, according to the latest Rent Index from the Residential Tenancies Board.
The average monthly rent for a property in the town now stands at €785.10, up 2.4% from the €766.83 it stood at in Q4 2016.
In total rents in Dundalk are up 9.5% in the last year from the €716.84 they stood at in the first quarter of 2016.
Rent in Dundalk has now risen 25.6% on where it was five years ago at its lowest point of €625.16.
Rents in the town have been on the rise for 12 consecutive quarters and are now at their record level since the RTB started recording the data in Q4 2007. The increase to €785.10 surpasses the previous record of €777.72 which was set in Q4 2008.
The average cost of renting each house type is now as follows:
- One bed – €524.26
- Two bed – €717.24
- Three bed €791.18
- 1 to 2 bed – €682.65
- 1 to 3 bed – €744.91
- Four bed plus – €968.39
The average rental property in Co Louth now stands at €830.35, up 2.9% in the last quarter and 11.6% year-on-year.
The average rent in Drogheda stands at €894.29 while the average rent in Ardee fell 1.2% to €731.13.
When broken down by electoral districts, the average cost of renting in Dundalk South is now €926.81, with the cost in Dundalk Carlingford somewhat cheaper at €728.49 with Drogheda the most expensive place to rent at an average cost of €972.95 and Ardee coming in at €793.81.