Rents in mayo 22 higher than a year ago

Year-on-year inflation in rents nationwide eased in the final three months of 2014, according to the latest quarterly rental report by Daft.ie.

The national average rent between October and December was just under €950 - that’s 9.7% higher than last year. However, this is down from a 10.8% annual increase in the second and third quarters and marks the first time since mid-2009 that rental inflation has eased.

In Connaught, rents rose by an average of 3.4% in the year to December 2014, compared to a rise of 1% a year previously. In Mayo, rents were on average 2.2% higher in the final quarter of 2014 than a year previously. The average advertised rent is now €544, a fall of 21% from the peak.

In city centres, rents continue to rise but at a slightly slower pace. In Galway, for instance, they are 7% higher.

There has been a significant tightening of supply. Nationwide, there were just over 5,200 properties available to rent on February 1 - down more than a quarter on the same figure a year previously. This is the lowest level of availability nationwide since May 2007.