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Rents in Louth continue to soar

Rents in Louth continue to soar

Rents in Co Louth have risen by 5.8% in the last year.

That’s according to the latest Rental Report.

The report shows that the average rent in Louth now stands at €1,228, up €61 on the same stage last year when the average rent stood at €1,161.

Rents are also €263 more expensive than where they stood at the height of the boom, an increase of 27.3%.

The average rent in the county has now more than doubled from its lowest point with the latest quarterly increase of 1.9% meaning rental costs in the county are now 101.3% dearer than they were at their lowest point.

The biggest increase was in relation to two bed houses which are up 5.3% to €1,019 per month. This was followed by one bed apartments which have risen by 4.8% to an average of €875. Three and four bed houses both recorded increases of 4.2% to €1,181 and €1,300 respectively while five beds were up just 0.4% to €1,373.

The continued rental increases mean it is now significantly cheaper to buy a property and pay a mortgage than it is to rent. According to the report, can currently get a mortgage for a one bed apartment for €351 per month with the average rent for this accommodation type now more than double that at €875.

Similarly a mortgage on a 2 bed house can be got for €455 a month, again more than double the current average rent for this type of house which stands at €1,019.

A mortgage on a three bed nwo comes in at an average of €609 per month, almost double the current average rent of €1,181.

While the differences are less, it is also cheaper to pay a mortgage on a four bed (€1,201 vs €1,300 per month) and a five bed (€1,325 vs €1,373).