The average cost of Rent in Roscommon has increased by 11% 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 20.8% since the “trough” or lowest level, compared to a 51.2% increase in Galway City.
The good news, is that despite the increase the cost of Rent in Roscommon is the fourth least expensive place in Ireland to rent a home. The report, based on activity on their website, found that the average price to rent in Roscommon was €595 per month with a full break down as follows:
- The average cost to rent a 1 Bed Apartment in the county is €421 per month (up 8.8%)
- A 2 Bed house would cost €482 per month (up 11.6%)
- €577 per month would get you a 3 Bedroom house (up 8.2%)
- While €632 per month would secure an additional bedroom (up 10.4%)
- The highest price per month, if you wanted to rent a 5 bedroom house, would be €684 per month (up 7.5%)
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 bedroom home rather than renting.
Rental yields – the ratio of rents to the price of the property – have changed slightly over the past 12 months. 2 Bedroom homes have a yield of 10.9% (down 1.1%), 3 Bedroom homes are yielding 8.9% (down 0.9%) and 5 Bedroom homes have a yield of 4.7% – down 0.3%. Meanwhile, the yields on 1 Bed Apartments have increased by 0.5% to 12.5% and the yield on a 4 Bedroom house has remained the same at 5%.
The rental yield is comparable to an interest rate and is frequently used as a measure of how healthy the property market is.