Rents Continue to Climb in Louth as Nationwide Housing Crisis Deepens
The housing crisis in Ireland shows no signs of abating, with rents continuing to rise for the 14th consecutive quarter, according to the latest Daft.ie report. The report reveals that monthly rents nationwide now average €1,922, a stark indication of the ongoing pressures in the rental market.
In County Louth, renters are feeling the squeeze more than ever. The average rent in Louth has surged to €1,793, marking a 10.4% increase from last year. This rise places Louth among the counties experiencing significant rent hikes, with neighboring County Meath seeing a similar trend. In Meath, the average rent now stands at €1,942, up 9.5% compared to this time last year.
The situation is even more dire in other parts of the country. Limerick City, for instance, recorded the most substantial increase, with rents soaring by 21% year-on-year. Both Cork and Galway also saw rent inflation exceeding 10%, highlighting a widespread issue that is not confined to the capital.
Economist Ronan Lyons of Trinity College Dublin, the author of the Daft.ie report, pointed to a dramatic drop in rental supply outside of Dublin as a key factor driving these increases. “If we go back a number of years and look at the number of homes available to rent—say, the average across the late 2010s—we were typically talking about 500 homes available at any point in time across Cork, Galway, Limerick, and Waterford. But on the 1st of August this year, there were just 151 homes in those four cities combined,” Lyons explained.
This drastic reduction in available rental properties is placing immense pressure on tenants, pushing rents to unsustainable levels and making it increasingly difficult for people to find affordable housing.
The continued rise in rents across Louth and the rest of the country underscores the urgent need for effective solutions to the housing crisis. As the situation worsens, many are calling for increased government intervention, including the construction of more affordable housing and stronger regulations to protect tenants from spiraling costs.
With no immediate end in sight to the rising rents, the burden on renters, particularly in counties like Louth and Meath, is likely to intensify, further exacerbating the already critical housing situation in Ireland.