Galway city rents rise nearly 20pc with two-bed apartments now costing averaging close to 2,300

"The latest Daft report found that the average market rent for a two-bedroom apartment in Galway city is now nearly €2,300. According to the report, market rents rose sharply in the first quarter of 2026, with the national average increasing by 4.4pc between December and March. This is the largest quarterly increase in rents in a series extending back to 2002. Galway city market rents are up 18.4pc year-on-year with average market rent of a two-bedroom apartment at €2,290."

"This is higher than the average market rent for a two-bedroom apartment nationwide in early 2026, which is now over €2,100 per month. Inflation remains very high in the four major cities outside Dublin. The report shows that market rents in the first quarter of 2026 were 18pc higher year-on-year in Galway city, 13pc higher in Cork, up 10pc in Limerick and 8pc in Waterford."

"On May 1, there were a total of 2,549 rooms for rent nationwide, down almost one quarter (22pc) on the same date a year previously. Overall, availability remains about one quarter below the 2015-2019 average (down 24pc). The number of rooms listed for rent in the 12 months to April was just under 36,000, down 4pc year-on-year and about one third (32pc) below the 2015-2019 average."

"“The first quarter of 2026 saw a sharp increase in rents, with the national average rising by 4.4pc between January and March - the largest quarterly increase in the series going back to 2002. As the chart opposite shows, this stands out even against the volatility seen during the pandemic and the inflationary period of 2022. This sharp surge in rents coincides with the new rent control system.”"

Average market rent for a two-bedroom apartment in Galway city is nearly €2,300, with Galway city rents up 18.4% year-on-year. National market rents rose sharply in the first quarter of 2026, increasing 4.4% between December and March, the largest quarterly increase since 2002. Inflation remains high in major cities outside Dublin, with year-on-year increases of 18% in Galway, 13% in Cork, 10% in Limerick, and 8% in Waterford. Room availability is falling, with 2,549 rooms for rent nationwide on May 1, down 22% year-on-year. Total rooms listed in the 12 months to April were just under 36,000, down 4% year-on-year and 32% below the 2015–2019 average. The new rent control system allows rents to reset to market levels when a tenancy ends.

Read at Irish Independent