People living in private rented accommodation in Galway City are forking out more than €700 extra per year compared to twelve months ago, as rents continue to be driven upwards by lack of supply.
And Newcastle continues to be the most expensive place in the city in which to rent, at an average of €1,029 per month.
According to the latest figures from the Residential Tenancies Board (RTB), the average rent in the city in the first quarter of this year was €941 – that’s up 6.8% on the average of €881 per month one year earlier.
The PRTB Rent Index is the most accurate rent report of its kind on the private accommodation sector in Ireland because it reflects the actual rents being paid, according to the RTB’s records, as distinct from the asking or advertised rent, which is the basis of other rent reports such as Daft.ie.
An analysis of the figures by the Galway City Tribune shows that outside of the city, the most expensive area to rent was in Headford, at an average of almost €979 per month. The figures show that Newcastle is the most expensive location in the city at €1,029 per month – up from €993 last year.
This is due to the proliferation of students in the area because of its proximity to NUI Galway, as well as workers at University Hospital Galway.
The next most expensive city locations in which to rent are Woodquay at €1,003 (up from €932) and Mervue at €997 (a comparative figure for last year is unavailable).
The cheapest locations in which to rent were Ballybane at €759 (up from €716); Oranmore at €801 (up from €748) and Doughiska at €808 (up from €745).
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