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Local auctioneer feels housing shortage driving up rent prices

Aug 10, 2022 13:32 By Shannonside News
Local auctioneer feels housing shortage driving up rent prices
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A new report published today shows housing stock is at an all time low.

The President of the organisation which represents auctioneers believes the rise in rents across the country is down to a lack of supply and increasing demand.

The latest Daft report shows rents nationwide increased by 12.6 per cent in the 12 months to June, despite laws not permitting increases above 2 per cent in some areas.

Longford rents have the next highest increase at 19.9%, where the costs average at 975 euro.

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In the last year the price of leasing in Roscommon has jumped by 18.1% to an average of 980 euro.

Leitrim has seen the biggest hike when it comes to rent increases, the cost of leasing a property is on the lower end of the scale at 843 euro.

Williamstown based Gerry Coffey, who leads IPAV believes several key factors are driving the rise.

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''We have the Ukrainian issue as well where any vacant properties and hotels have have been taken over by Ukrainians. You mentioned there about the students. My own son was in Limerick last year. He spent the first two weeks in a hotel. It's going to be worse this year for students in  college areas. So I think that's the biggest problem is that it's down to supply and demand.''

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