Rents for private accommodation in Galway City are continuing to set record new highs, and have increased by almost two thirds in the past five years.
In fact, rents in the city now stand at 30% higher than their Celtic Tiger peak in 2008.
New figures for the final three months of 2017 from property website Daft.ie show the average monthly rent in Galway City is up more than 12% year-on-year, and currently stands at €1,096.
That figure is up 66.5% from the lowest rent point in early 2012.
The biggest year-on-year increases in the Republic were recorded in County Galway and Louth (14.1%) at an average of €767 and €1,086 respectively.
Nationally, the average monthly rent stood at €1,227 at the end of last year – up 10.4% from a year previously.
A break-down of the figures shows that at the end of 2017, one-bed apartment was renting for an average of €815 per month in Galway City (up 12.9% year-on-year); a two-bed house for €917 (up 11.2%); a three-bed house for €1,093 (up 10.6%); a four-bed for €1,191 (up 10.6%) and a five-bed for €1,229 (down 1.1%).
For those renting a room, the average rent for a single bed per month in the city centre was €400 (up 6.4%) and €372 (up 9.4%) in the suburbs. For a double bed, the average was €473 (up 3.5%) in the city centre and €447 (up 12.3%) in the suburbs.
Meanwhile, in County Galway, rents were averaging €767 per month – up 50.3% from their lowest point and 14.1% year-on-year.
A one-bed apartment was renting for an average of €551 per month in the county (up 13.8% year-on-year); a two-bed house for €623 (up 13.2%); a three-bed house for €743 (up 12.6%); a four-bed for €809 (up 12.6%) and a five-bed for €835 (up 2.9%).
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