Rents in Carlow have risen dramatically in the last year according to new research. Carlow rents were on average 6.8% higher in the third quarter of 2020 than a year previously.
The average listed rent is now €1,028 in Carlow according to the latest Daft.ie Rental Report.
It is a good time to be a landlord in Carlow with one and two bed properties drawing annual rents of over 10% of the property value according to Daft.ie. One bed apartments have a yield of 11.2% while two bed houses have a rate of 10.2%.
People in Carlow, according to Daft.ie, are a spending more than double on rent of these one and two bed properties than they would if they had a mortgage on the same type of property.
A mortgage on an average one-bed Carlow apartment would cost €300 while you would pay €754 to rent.
A two bed house would cost €844 to rent but would only need a monthly mortgage payment of €367.
The average rent of a three bed house in Carlow is €967, an increase of over 5% in 12 months.
There was a noticeable difference in trends in Dublin and elsewhere in the country. In Dublin, rents were largely stable between June and September, rising just 0.2%, and are 0.8% below the same period in 2019. Outside Dublin, rents rose by 2.9% in the third quarter and are now 3.3% higher than a year ago.
The number of properties available to buy on the market nationwide was almost 4,200 on November 1st, down 17% on the same date a year ago. As with prices, there is a difference between Dublin and the rest of the country. In Dublin, the stock available to rent is almost twice the level seen a year ago while outside Dublin, rental stock is down one third and, at just 1,435 on November 1, was at its lowest level ever in a series that dates back 15 years to the start of 2006.