Monthly rents for properties close to Dart and Luas stops are now 15 per cent more than the Dublin average of €1,968, according to new research from property website Daft.ie.
Renters living close to Dublin’s light rail network are now paying a premium of €4,020 per year compared to the average rent in the capital.
The research, published on Tuesday, analyses the average rental prices of three bed semi and two bedroom apartments within 1km of each rail stop in the Greater Dublin area between October 2018 and September 2019.
Rents near Dart stations are among the most costly analysed with Lansdowne Road (€2,886), Sandymount (€2,851), Grand Canal (€2,790) and Pearse (€2,748) 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 (€2,881), while those living near Charlemont (€2,708) pay the most on the Luas green line.
Trinity College economist Ronan Lyons said the latest rail infographic for the rental sector confirms that "access to good transport facilities is rewarded in the rental market".
“When it comes to rail, density is important, as rail has large upfront costs and greater population density spreads those costs among more users,” he said.
"This is important to bear in mind when planning where to build both transport and homes over the coming years. If Ireland wants to make its transport systems more sustainable, it should consider how to facilitate density."
Raychel O'Connell, communications manager of Daft.ie, said a Dublin City Council and National Transport Authority report earlier this year showed that more people than ever are using public transport in Dublin.
“Luas passengers have increased by 15 per cent since last year which shows the growing demand for reliable rail services in the city,” she said.
“This is also reflected in our report where rent for properties near Dart and Luas stops are now 15 per cent higher than the Dublin average. This works out as over €300 more per month, which really reveals the high costs of convenience for commuters.”
Most expensive (All Stops & Stations)
Lansdowne Road - €2,886
Spencer Dock - €2,881
Sandymount - €2,851
Grand Canal Dock - €2,790
Pearse - €2,748
Most expensive areas (LUAS Green Line)
Charlemont - €2,708
O’Connell St - €2,642
Parnell - €2,642
St Stephen’s Green - €2,605
Dawson St - €2,605
Most expensive (LUAS Red Line)
Spencer Dock - €2,881
Mayor Sq - NCI - €2,661
Jervis - €2,642
George’s Dock - €2,624
The Point - €2,617
Most expensive (Dart)
Lansdowne Road - €2,886
Sandymount - €2,851
Grand Canal Dock - €2,790
Pearse - €2,748
Sydney Parade - €2,731
