Wexford rents rising but are still the lowest on east coast
WHILE the rate of increase may have slowed up somewhat, rents are continuing to rise in Co Wexford according to the latest Daft Rental Price Report.
The cost of renting in Wexford has risen 7.2% when compared to this time last year, which is in line with the national average of 7.3%. Rents have also seen a rise of 1.3% on from Q1 to Q2 and the average rents have seen a 66%.
The figures for Q2 of last year showed a rise of 19.5%, meaning that the rate of increase from 2023 to 2024 is less than half of the year that preceded it. The average monthly rent in Wexford now stands at a €1,434, which is the lowest on the east coast, with Waterford coming in at €1,590, Kilkenny €1,544, Carlow €1,519 and Wicklow €2,042.
Wexford’s rents also stand significantly below the monthly average of €1,922.
Delving down further into the figures, the average cost of renting a one-bed apartment in Wexford now stands at €904 per month, a rise of 2.9%. A twobed house will set you back on average €1,097, a rise of 3.1%, while a three-bed house costs on average €1,292 per month to rent, a rise of 5.4%.
The average monthly rent for a four-bed house in Wexford now stands at €1,506 (+7%), while a five-bed house would cost approximately €1,754, a rise of 19.1%.
According to Daft’s data, in many cases, the rents being commanded by some of these properties exceed the cost of what mortgage for the equivalent property would be.
While the average rent for a one bed apartment is €904, the average mortgage payment on a similar property would be €430. The average mortgage payment on a two-bed house is €637, while the rent on this property would be €1,097.
For a three-bed house commanding an average rent of €1,292, the average mortgage payments would be €879. The margins get smaller for a fourbed house with the cost of the average mortgage (€1,629) only €123 less than the average rent.
Finally, the average monthly mortgage on a five-bed property in Wexford is €1,754 while a mortgage would likely set you back €1,793 on the same property.