Offaly rents show 3.3% year on year decrease

Offaly's rental market still looks bleak for property owners, similar to other rural counties, with the latest Daft Rental Report showing a 3.3% year on year decrease in rent in the county. Rents nationwide are up 0.2% on the same quarter last year, and the average national rent is now €825, compared to a high of €1,100 in early 2008. The figures show that nationally rent is up 0.1% since the last quarter this year, the fourth consecutive quarter without a decline. However the picture shows imbalance between large urban areas and smaller rural areas, leading to the report showing what's dubbed "a tale of two Irelands" in its introduction by financial analyst Philip O'Sullivan. Rents fell slightly between June and September in Cork and Dublin but are higher than this time last year, particularly in Cork, where rents are up by over 6%. In Galway, Limerick and Waterford, rents rose slightly in the third quarter but are 1.5% lower than the same time last year. In Dublin's commuter counties, rents have fallen by 1% over the past year, while elsewhere in the country, rents were typically static over the summer but are down 2-3% on the same time last year. In the Midlands counties of Laois, Westmeath, Offaly and Longford, rents fell by just 0.1% between June and September, and are now 2.1% lower than a year previously when looked at together. The average rent in Offaly in the third quarter of 2011 was €585, a fall of €205 from the peak in 2007. Rents in Laois have fallen by 1.7% in the last year to a current average of €556, while rents in Westmeath have fallen 2.7% in a year to €590. Commenting on the report Daft economist Ronan Lyons said any reform of rent allowance could have an impact on rents, particularly in cheaper locations, and that the outlook for 2012 "looks like one of different trends in urban and rural markets".