Published on June 11th, 2019 | by Raychel O'Connell
RENTERS PAY ON AVERAGE 12% MORE TO LIVE CLOSE TO THE DART & LUAS
Rents for properties close to DART stations and Luas stops are now 12% more than the Dublin average rent of €2,002 per month in the first three months of 2019, according to new research from Daft.ie.
This means that renters living close to Dublin’s light rail network are now paying a premium of €3,336 per year compared to the average rent for Dublin.
Ireland’s No.1 Property website has today launched their Q1 2019 Light Rail stop-by-stop rental price maps. The research which led to the creation of these maps analysed the average rental prices (controlling for time, size and type) for three bed semi and two bedroom apartments within 1km of each rail stop in the Greater Dublin Area for the period between April 2018 and March 2019.
On the Luas, homes close to Spencer Dock on the red line command the highest average rents (€2,858), while those living near O’Connell St (€2,678) pay most on the Luas green line.
The three most and least expensive Luas stops to live by are all on the Luas Red Line, with Spencer Dock averaging €2,858. which is nearly double the least expensive Luas stop, Cheeverstown (€2,547).
Daft.ie also included average rental prices along the proposed MetroLink route. The most expensive rental homes in the current plan are in the North City Centre with O’Connell st average €2,678. While the least expensive rental properties are in Dardistown (€1,700). Fosterstown €1,719) and Seatown (€1,780).
Commenting on the figures, Ronan Lyons, economist at Trinity College Dublin said, “The old adage in real estate is location, location, location and once again we see the evidence of this in the rental market. As you go around the city, the same kind of home costs a different amount each month, reflecting the services and amenities on offer in each area. But also, it’s the case that homes close to rail stations are more expensive than similar homes without one nearby. In other countries, this upswing in value caused by public investment is ring-fenced to go back to funding those projects. With plans for more light rails and metros in Ireland, this might be something the government considers here.”
Commenting on the data, Raychel O’Connell from Daft.ie said: “Commuters continue to pay a high premium for the convenience of the Luas and Dart. This is why we included the MetroLink proposed route in our rental map for the first time. As this report shows there is high demand for access to reliable light rail transportation so we expect rental prices along the Metro to increase once the plan is finalised.”