Rent in Roscommon continue to rise

The cost of Rent in Roscommon has increased by an average of 7.3% 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 16.2% since the “trough” or lowest level, compared to a 46.2% increase in Galway City.

The good news, is that despite the increase the cost of Rent in Roscommon is still among the least expensive places in Ireland to rent a home. The report found that the average price to rent in Roscommon was €573 per month with a full break down as follows:

The average cost to rent a 1 Bed Apartment in the county is €413 per month (up €16)

A 2 Bed house would cost €470 per month (up €22)

€567 per month would get you a 3 Bedroom house (up €25)

While €617 per month would secure an additional bedroom (up €28)

The highest price per month, if you wanted to rent a 5 bedroom house, would be €693 per month (up €22)

The report also found that in the case of 1, 2 and 3 bedroom homes it continues to be 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 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 2 and 3 Bedroom homes (1.4% and 1.1%) and is unchanged in the case of 4 Bedroom homes. Meanwhile, the yields on 1 Bed Apartments and 5 Bedroom Houses has increased slightly by 0.2% and 0.3% respectively.
The rental yield is comparable to an interest rate and is frequently used as a measure of how healthy the property market is.