Munster Express Online

Monthly rents in Waterford city have fallen by over €100 compared to 2008, according to a new survey.

Property website Daft.ie, says the average rent in Waterford city in the second quarter of the year was just under €660 per month.

The trend is similar across the country. Economist with Daft.ie, Ronan Lyons says there has been an increase in the number of properties available on the website.

“In the month of July alone, there were a record 24,000 properties available to rent, about three times the seasonal average,” he said.

“As landlords compete for tenants in a market where supply exceeds demand, these falls in rents are to be expected,” he added.

The national average monthly rent is just over €800, down 17% on the same period last year.

The average rent in Waterford, outside the city, stands at €600 per month.

Mr Lyons said that there is some good news for landlords.

“During July, for the first time since 2007, the number of properties available to rent fell. High demand for rental properties over the summer months has been reducing the total number of properties available to rent, which may ease downward pressure on rents,” he said.

As CAO offers are released, the latest figures are good news for students in Waterford and across the country.

A typical student renting a two-bedroom property in Waterford can expect to pay an average of €286 per month over the academic year.

Dublin city centre is the most expensive area of the country to rent a property, with a student likely to pay a monthly rate of €543. However, this is significantly lower than previous years.