Rents in Louth, like the rest of the country, have rocketed in the past year, with new figures from the quarterly Rental Report released by property website daft.ie showing an increase on prices of more than 12% in the past year.
Louth rent is up nearly 25% from the ‘trough’ of the housing market which happened in the wake of the economic crash.
The detailed analysis shows that rents for property in the county went up from 2014 to an average of €761 per month, with the highest increase, 17.3%, coming in the five bedroomed house sector, rent for which now stands at €867 per month.
Rent for a one bed apartment is up 13.6% to €521 per month, while it costs an average of €595 to rent a two bedroom house.
There is a huge jump from there to the €744 it costs per month for a three bedroom house in Louth, while four bedrooms will set you back an average of €806.
The website also analysed the cost of rent versus the cost of a mortgage on each of these type of properties. Up to a four bedroom house, the data reveals it is much more cost effective to have a mortgage on your home.
A mortgage on a one bedroom apartment comes in at between €282 and €352 a month, while it’s between €344 and €430 for a mortgage on a two bedroom property. It is still good value, at between €512 and €641 to have a mortgage on a three bedroom home, but for a four bedroom one, where the rent is €806, a mortgage could cost between €1024 and €1281 a month.
It’s the same story for a five bedroom mansion – a mortgage on this is estimated at between €1170 and €1463.
Year-on-year inflation in rents eased back slightly between March and June but remains at 8.6% nationwide. The national average rent between April and June was €934, compared to €860 a year previously.
Inflation in rents peaked in late 2014, at 10.7%.
As in recent months, the slight slow-down in rental inflation nationally is being driven by trends in Dublin, where rent inflation has eased from 15% to 8.5%.