Living near Luas can add €3k to annual rent bill
Renters in Dublin are paying an extra €3,000 per year to live near the Luas network compared to average rents in other parts of the city.
A new survey by property website Daft.ie reveals that rent for properties close to Dart stations and Luas stops is now 12% more than the average Dublin rent of €2,002 per month.
That means that renters living close to these transport links are spending €3,336 more per annum in comparison to those renting in other parts of the city.
The research analysed the average rental prices for three-bed semi-detached houses and two bedroom apartments within 1km of each rail stop in the greater Dublin area for the period between April 2018 and March 2019.
Commuters living along the Dublin coastline pay a particularly high premium to live close to a Dart station. Sandymount Dart station is the most expensive to live near with rents averaging €2,905.
Rents near Dart stations are among the most expensive analysed, with Sandymount, Lansdowne Road (€2,850), Dalkey (€2,810), and Grand Canal (€2,743) accounting for four of the top five most expensive stations to live by.
On the Luas, homes close to Spencer Dock command the highest average rents at €2,858 per month.
Those living near O’Connell St pay most on the green line at €2,678 per month. The three most expensive Luas stops to live by are all on the Luas red line.
The study also looked at average rental prices along the proposed MetroLink route. The most expensive homes in the current planned route are in the north city centre at O’Connell St. The least expensive rental properties are in Dardistown (€1,700). Fosterstown €1,719), and Seatown (€1,780).
Ronan Lyons, economist at Trinity College Dublin, said the report shows the importance of “location, location, location”.
“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,” he said.
“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.”
