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Average Kerry rent €1,125 – up 101% from its lowest point

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Rents in Munster rose 12.6% year-on-year, reflecting very low availability - with just 131 homes available to rent on May 1 - down over two thirds year-on-year.

In Kerry, rents were on average 15.4% higher in the first quarter of 2022 than a year previously. The average listed rent is now €1,125, up 101% from its lowest point.

Nationwide rents in the first quarter of 2022 were an average of 11.7% higher than the same period a year earlier, according to the latest Rental Report by daft.ie. The average market rent nationwide between January and March was €1,567 per month, up 2.8% on the last three months of 2021 and more than double the low of €765 per month seen in late 2011.

While there have been differences in regional trends in rents in recent quarters, the rate of increase was similar across all major regions between early 2021 and early 2022. In Dublin, market rents rose by 10.6% year-on-year, while in Cork and Galway cities, rents rose by 10.2% and 13.8%. Inflation was higher in Limerick and Waterford cities, at 15.5% and 16.2% respectively, while outside the cities the average increase was 12.7%

SCARCITY

The sharp increase in market rents around the country reflects a significant worsening in the record scarcity of rental homes. Nationwide, there were just 851 homes available to rent on May 1, down from over 3,600 a year ago and another new all-time low in a series that extends back over 15 years to 2006. The recent fall in homes to rent is seen in all regions of the country, with an 81% fall in availability in Dublin and a 66% fall elsewhere in the country. The report also includes an analysis of 72 multi-unit rental developments, which are estimated to have added at least 400 new rental homes in the last six months. Of these, it is estimated that 82% are already occupied, with occupancy in the wider multi-unit rental sector estimated to be 95% in early May, up from 93% six months ago.

The report also includes an estimate of the trend in rents for sitting tenants since 2010, as compared to new tenants paying market rates. While inflation in market rents is currently above 10%, and market rents have doubled over the past decade, ‘stayer’ rents have increased by just 1.5% over the past year and by less than 40% over the past 10 years.

“The latest figures confirm the overall strength of demand for rental accommodation in Ireland," Ronan Lyons, Associate Professor of Economics at Trinity College Dublin and author of the Daft Report, said.

"While strong demand for housing reflects underlying economic health, it becomes a challenge when there is inadequate supply to meet it. In Ireland’s case, the economy has suffered from an under-provision of new rental accommodation for over a decade. As a result, market rents have doubled and, as shown in this latest report, rental homes have become unbelievably scarce. New figures confirm that sitting tenants have experienced much smaller increases in rents – both during 2021 and over the last 10 years. Thus, the focus for policymakers must remain on creating the conditions for tens of thousands of new rental homes – market and social, all across the country – to be built over the coming years.”

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Paralympic legend Jason Smyth visits St Brendan’s

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Paralympic legend Jason Smyth visits St Brendan’s


World renowned Paralympian and world record holder Jason Smyth paid a visit to St Brendan’s College on Wednesday afternoon as part of a high profile visit to Killarney.


The six time Paralympic gold medallist spoke to second year students from St Brendan’s College, alongside students from neighbouring schools St Brigid’s Presentation Secondary School and Killarney Community College.
The interactive talk and interview took place ahead of World Sight Day, with the legendary sprinter sharing his personal journey with Stargardt disease, a genetic eye condition that left him legally blind at eight years old.
The Derry native, who holds the world record as the fastest Paralympian on earth over 100 metres, offered inspiring insights into overcoming physical adversity and achieving success at the highest level of world sport.
The school visit formed the opening leg of his Killarney schedule before he took centre stage later on Wednesday evening at The Killarney Plaza Hotel & Spa.
Smyth headlined An Evening with Paralympian Jason Smyth, an event organised by the Killarney Chamber of Tourism and Commerce as part of its winter schedule, sponsored by AIB.

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Deerpark Retail Park placed on market for fifteen million euro

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Deerpark Retail Park in Killarney has officially been placed on the market with a guide price in excess of 15.4 million euro, excluding VAT.

International real estate firm Cushman & Wakefield has been appointed as the sole sales agent to handle the high-profile commercial property sale on behalf of its current owner, Investcorp.

Investcorp, a global investment management firm headquartered in Bahrain, had previously acquired the prominent shopping complex.


The sale represents one of the largest commercial property offerings to launch in County Kerry this year.

Located roughly 1.3 kilometres west of Killarney town centre, the scheme enjoys strong regional connectivity and sits adjacent to independently owned operations including a Tesco Extra store, a Tesco petrol filling station, JYSK, and Aldi.


Constructed in 2006, the development extends across approximately 10,482 square metres, or 112,835 square feet.

The scheme comprises a mix of modern retail warehouse units and a complementary neighbourhood centre, offering 13 individual units in total with Part Open and Part Bulky Use planning permission.

The units range in size from 94.6 square metres up to 1,994.9 square metres. Visitors have access to approximately 248 customer parking spaces across the commercial grounds.

The park is currently 100 per cent occupied by a strong line-up of established national and international brands.

Key retail tenants include Marks & Spencer, Boots, DID Electrical, Maxi Zoo, and Mountain Warehouse.

The neighbourhood centre element accommodates service and convenience operators such as Costa Coffee, Card Factory, and Salon B.

The first-floor accommodation is fully let to Peak Performance Academy, which provides additional rental diversification.

Additionally, the scheme benefits from an agreement with Tesla to operate eight electric vehicle charging bays within the customer car park.


Commercial figures show that the property generates a total current rental income of 1,326,458 euro per annum, with a weighted average unexpired lease term of 4.45 years to break options and 6.46 years to lease expiry.

Cushman & Wakefield noted that the quoted guide price of 15.4 million euro reflects a net initial yield of 7.83 per cent, assuming standard purchaser costs of 9.96 per cent.

The selling agents highlighted that the fully occupied asset offers investors an attractive income profile alongside scope for additional income generation through parking commercialisation.

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