Rent rise continues in Cavan
Rent prices across County Cavan continued to increase in the second quarter of the year, according to the latest Daft.ie report It now costs an average of €844 a month to rent a one bedroom apartment in the Breffni county, up to €1,365 per month for a five-bed house. The percentage changes vary from a 0.3% drop in larger homes to a 6.4% increase for one-bed apartments.
Nationally, rents rose by an average of more than seven per cent in the second quarter of the year, compared to last year, according to the latest rental report by Daft.ie
This marks the 14th consecutive quarter in which rents nationwide have increased.
Market rents in Connacht-Ulster, which includes counties Cavan and Monaghan, rose by 0.9% in the second quarter of 2024, the smallest increase in a run of 16 consecutive quarterly gains. Compared to a year ago, market rents in Connacht-Ulster in Q2 were 10.5% higher - the lowest rate of inflation since early 2021.
The report shows that availability on the rental market remains extremely tight.
On August 1, there were just over 2,200 homes available to rent across the country, effectively unchanged on the same date a year previously and half the 2015 to 2019 average of 4,400.
The report's author Ronan Lyons, associate Professor in Economics at Trinity College Dublin, said: “Without new rental supply, it is likely that future pressure on rents will be upward, further straining affordability for those on regular incomes.
“It remains incumbent on policymakers to first develop a thorough understanding of rental supply dynamics and second devise detailed plan on dramatically increasing rental supply, in all major rental markets, over the coming years.”
To Buy or to Rent? Using the Daft.ie Sale and Rental reports, it is possible to calculate the average mortgage payment as well as the average rent, for properties around the country.
The report compared average mortgage and rent payments across Ireland in the second quarter of 2024.
In most cases in Cavan, it's currently cheaper to service a mortgage for comparable properties to rent. However, monthly mortgage repayments for larger houses - four and five meds - are marginally higher. See table.
Those figures are based on mortgage terms of 30 years, with a 90% loan to value ratio and a four per cent interest rate.