Rent prices in Laois have soared by 13.7% in just three months, the latest report from Daft.ie has found.
The report finds that rents in the county were on average 13.7% higher in the second quarter of 2017 than a year previously.
The average advertised rent is now €784 in Laois, up 56% from its lowest point during the economic crash.
Neighbouring counties also saw in increase in rental asking prices.
The average price in Offaly is now €750 (up 12.3%) while other counties in the region also saw a rise – Tipperary (€702, up 8%), Kilkenny (€831, up 13%), Carlow (€794, up 11.4%), Kildare (€1,156, up 11.5%).
However, Daft.ie economist Ronan Lyons noted that minimum deposit requirements have prevented another property boom.
“The Central Bank rules, though, by requiring a minimum deposit in particular, took the sting out of a potential housing bubble. Expectations of price increases fell dramatically from 12% to just 3%. The effect was obvious, especially in the Dublin market. Price inflation fell from almost 25% to 1%.
“What has changed? In terms of the underlying market fundamentals of supply and demand, very little. As outlined in my commentary to the January report, the country still needs at least 40,000 and probably closer to 50,000 homes of all types every year.
“And still it gets just a small fraction of that – with perhaps just 3,000 new homes added by the professional construction sector in 2016,” he said.
Those renting in Laois have been squeezed by an increase in rental costs, in tandem with a reduction of the rental properties available.
It is believed that many people in Laois found themselves in the position of being reluctant landlords when their houses fell into negative equity.
However, now that houses prices are increasing, and property is selling again, many homeowners are getting out of the rental market and selling their properties.
SEE ALSO – Watch: Game of Thrones theme tune on top of Slieve Bloom mountains
