There has been another annual surge in the cost of renting in Clare.
Daft.ie’s latest rental price report, which has just been published, shows the average monthly price of a tenancy in this county has surpassed €1,400 for the first time.
The cost of renting a home in Clare has jumped by 10.7% in the last twelve months.
Daft.ie’s latest quarterly report, which analysed the period of April to June this year, shows that on average, this county’s tenants are forking out €1,425 per month to meet their accommodation needs.
At present, property prices in Clare are climbing at the 10th fastest rate nationwide and the fastest rate in Munster outside of Limerick City.
The latest market analysis also shows that both larger family units and individuals are bearing the brunt, with the biggest rate increases in Clare’s property portfolio coming in the way of one-bed apartments and four-bed homes.
The average price of a one-bed apartment rose by 11.4% to €933 per month, while the average price of a four-bed home is now €1,474; a hike of 14.8% in the last year.
The cost of renting also remains almost twice as expensive as acquiring a home through monthly mortgage repayments in Clare.
According to Daft.ie, an individual or couple would pay €550 per month for a two-bed home via a mortgage, but if renting the same property would face a monthly bill of just below €1,100.
At the beginning of August, there were just 250 homes available to buy in Munster, which is a drop of 17% in the last year.
Nationally, the average cost of renting is now €1,922 per month: an annual rise of over 7%.
