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off the rails
Rents for homes close to new Luas cross-city stops rise by 21%
Overall, commuters living on the Dublin coastline pay the most on average.
RENTS FOR TWO- and three-bedroom homes close to new Luas cross-city stops rose by 21% over the last year, according to new research from Daft.ie.
That’s compared to a 17% increase in average rents for homes on existing routes.
The 2017 Dart & Luas stop-by-stop rental price maps analysed the average rental prices for properties close to each of the 125 stops and stations in Dublin.
The figures are average rental prices for two- and three-bed properties controlling for time, size and type for each of the stations. The sample of properties for rent comes from the period between January and November 2017.
It found that commuters living on the Dublin coastline pay the most on average, with rents close to the Sandymount Dart averaging €2,274 per month.
Sandymount was also the most expensive area to buy a house according to Daft.ie research earlier this week on house prices close to Dart and Luas lines.
Overall, rents near Dart stations are among the most expensive with Pearse (€2,174), Lansdowne Road (€2,141) and Dalkey (€2,135) accounting for four of the top five most expensive stations to live by.
On the Luas, homes close to Spencer Dock on the red line command the highest average rents (€2,212), while those living close to the Charlemont stop (€2,042) pay most on the Luas green line.
Daft.ie also analysed the average rents for each stop on the new Luas cross-city line, which opened on Saturday.
Properties close to the new Dawson, Trinity and Westmoreland stops came out on top, with average monthly rents of €1,968.
Again, this echoed the house price research in which the same three stops came out on top, with average asking prices of €519,000.
Commenting on the figures, Ronan Lyons, economist at Trinity College Dublin said, “As with properties for sale, it is clear that the new cross-city Luas stops have the potential to rejuvenate parts of the city previously poorly served by light rail.
This can be seen in today’s rental figures for each station, with rents for two and three-bedroom homes rising by more, closer to the Cross-city stations than other stations, over the past year.
Martin Clancy from Daft.ie said: “What is interesting is that while the Dart has the highest rents for individual stations, the Luas green line and Cross-city have the highest average rents across all stops (both €1,770) with Luas green and cross-city line commuters paying a premium of €170 on average per month compared to the average rent on the red line (€1,600).”
