Rents rise 3.6% in Mayo

THE cost of renting a home in Mayo was on average 3.6% higher in the first three months of 2016 than a year previously.

The average advertised rent in the county is now €557 - up 8% from their lowest point in 2013.

Nationally, rents rose by an average of 2% in the first quarter of 2016, according to the latest quarterly rental report by Ireland's largest property website, Daft.ie.

This latest increase means that the national monthly rent nationwide in March was €1,006, the first time since May 2008 that the average rent has been above €1,000.

Supply on the market on May 1 last was at its lowest point on record, with fewer than 3,100 properties available to rent nationwide. A year previously, that figure was 4,300 and in 2009 there were 23,000 homes available to rent. Availability in Dublin remains very low, with just 1,100 homes on the market at the start of May compared to an average of 3,800 for the decade 2006-2015.

The full report is available from www.daft.ie/report.