Market rents in Mayo rose 24.3% in a year

MARKET rents in Mayo were on average 24.3% higher in the second quarter of 2023 than a year previously.

The average listed rent is now €1,222 - up 136% from its lowest point.

Rents in Connaught rose 21.1% year-on-year, reflecting very low availability - just 92 homes were available to rent on August 1, up from a year ago but only roughly one quarter the level of availability typically seen during the late 2010s.

Nationwide, market rents in the second quarter of 2023 rose by an average of 2.4% compared to the first three months of the year, according to the latest Rental Report by Daft.ie. Compared to a year ago, rents in the open-market are now 10.7% higher, with the average market rent nationwide in the second quarter just under €1,800 per month. This compares to €1,387 in the first quarter of 2020 and a low of just €765 per month seen in late 2011.

The extraordinary shortage of rental accommodation continues, although in recent months the number of homes available to rent has increased slightly.

On August 1, there were fewer than 1,200 homes available to rent nationwide. While this marked an increase of over 460 on the same date last year, availability remains extremely tight compared to other years.