The mid-west region of Ireland has seen a significant increase in the number of residential properties available for rent in July, after months of decline. According to the latest Mid-West Rental Monitor from Limerick Chamber, there were 130 homes available to rent across Clare, Limerick, and Tipperary, an increase of 43 homes since June. This is the largest rise in availability since records began in August last year.
Despite the growing availability, Seán Golden, chief economist and director of policy at Limerick Chamber, highlighted that the underlying data paints a more negative picture. He noted that both Limerick City and County have remained relatively stable in terms of supply, with no signs of it increasing, and average prices remaining high. While Tipperary and Clare saw increases in the number of available homes, they also experienced an increase in prices.
Although all counties saw an increase in availability, the growth in July was largely driven by a significantly greater number of properties in Tipperary. The county saw 33 new homes enter the market last month. However, the average rental price of these homes fell to €1,242, down from over €1,300 in June. Despite the decrease, prices have still notably increased over the past year. Additionally, three short-term rentals also entered the market.
Seán Golden also highlighted that while Tipperary has traditionally been the most affordable county to rent in the mid-west, that gap has since closed. He emphasized that an increase in supply does not necessarily lead to a decrease in prices, as this month has shown the opposite trend. Prices have been trending upwards across all three counties over the past year.
In Clare, ten additional properties entered the rental market in July, bringing the total number of available homes to 32. The average price was €1,400, while the median price was €1,300, reflecting an increase since June. This is contrary to the monthly price declines observed in Tipperary and Limerick. More than half of the rental properties in Clare were located in Ennis, and granny flats have been growing in popularity in the short-term rental sector.
In Limerick, the number of residential homes available for rent remained unchanged from the previous month. However, monthly prices decreased notably from just under €1,800 to €1,650 in July. Three additional rental properties entered the market, bringing the total number of available homes to 22. Prices also decreased from €1,960 to €1,875 during the month.
Eoghan Carr, Economic and Policy Analyst at Limerick Chamber, expressed skepticism regarding the significant growth in Tipperary’s rental market. He mentioned that while roughly one-third of local estate agents verified seeing supply increases, the remaining two-thirds haven’t noticed anything significant. He suggested that July could be an outlier, and only time will tell if the trend continues.
Overall, the mid-west region of Ireland has seen an increase in the availability of rental properties in July. However, the underlying data suggests that supply remains relatively stable in Limerick, with high average prices. While Tipperary and Clare have seen an increase in availability, prices have also risen. The rental market in the mid-west continues to be a challenging landscape for both renters and landlords.
