Market rents in Mayo up 2.9%

MARKET rents in Mayo were on average 2.9% higher in the first three months of 2024 than a year previously, the latest rental report by Daft.ie reveals.

Rents in Connaught have risen by 7.4% year-on-year, compared to an increase of 17% increase seen in early 2023. The increase reflects very low availability, with just over 160 homes available to rent on May 1, less than one third of the 2015-2019 average.

In Mayo, the average listed rent is now €1,190, up 63% from the level prevailing when the Covid-19 pandemic occurred.

Nationally, market rents rose by an average of 0.6% in the first quarter of 2024, according to the latest Rental Report by Daft.ie. While this marks the thirteenth consecutive quarter in which rents nationwide have increased, the increase between December and March is the smallest in that run. The average open-market rent nationwide in the first quarter of the year was €1,836 per month, up 4.9% year-on-year.

The number of homes available to rent on the open market remains low. On May 1, just over 2,000 homes were available to rent, effectively unchanged on the same date a year previously and well below half the 2015-2019 average of almost 4,400.

Availability had almost doubled between late 2022 and late 2023 but has fallen considerably since the start of the year.

Average market rents, and year-on-year change, 2024 Q1

Dublin: €2,395, up 2.5% year-on-year

Cork city: €1,870, up 8.0%

Limerick city: €1,933, up 17.5%

Galway city: €1,861, up 5.0%

Waterford city: €1,495, up 6.9%

Rest of the country: €1,467, up 6.8%