Rent in Roscommon rose gradually over the past 12 months

The cost of Rent in Roscommon has increased by an average of 8.3% during the past 12 months according to today’s report from property website Daft.ie

Overall the cost of rent in Roscommon has increased by 16.9% since the “trough” or lowest level, compared to a 48.1% increase in Galway City.

The good news, is that despite the increase the cost of Rent in Roscommon is the second least expensive place in Ireland to rent a home. The report found that the average price to rent in Roscommon was €576 per month with a full break down as follows:

The average cost to rent a 1 Bed Apartment in the county is €411 per month (up 5.2)

A 2 Bed house would cost €467 per month (up 7.3%)

€561 per month would get you a 3 Bedroom house (up 4.1%)

While €610 per month would secure an additional bedroom (up 6%)

The highest price per month, if you wanted to rent a 5 bedroom house, would be €689 per month (up 11%)

The report also found that in the case of 1, 2 and 3 bedroom homes it continues to be far less expensive to pay off a mortgage than rent a home, even allowing for an increase in the interest rate. At current rates it is also slightly less expensive to pay off a mortgage on a 4 or 5 bedroom home rather than renting.

Rental yields

Rental yields – the ratio of rents to the price of the property – is down slightly over the past 12 months. In the case of 1 Bed Apartments it has dropped by 0.7% to 12.6%. 2, 3 and 4 Bedroom homes have dropped by 1.3%, 1.4% and 0.2% respectively. Meanwhile, the yields on 5 Bedroom Houses has increased slightly – by 0.3%.
The rental yield is comparable to an interest rate and is frequently used as a measure of how healthy the property market is.