Renters living near Dart or Luas stops pay more, survey finds
Premium of up to €3,360 a year for being adjacent to rail lines in Dublin
Daft’s research shows that the Dart, which runs along Dublin’s coastline, continues to attract a greater premium than the Luas.
Renters living near the Dart or Luas public transport lines are paying a premium of 17 per cent, or some €3,360 a year, according to new data. Those living near the Dart on the southside are paying the biggest premium of all, while any bump in rents on the new Luas extension have already been factored in.
According to an analysis by property portal Daft.ie, rents for properties close to Dart stations and Luas stops rose by 3 per cent to an average of €1,770 per month in the first three months of 2018. This compares with an average price of €1,488 for a comparable property across the city in the last three months of 2017.
The research also shows that the Dart, which runs along the capital’s coastline, continues to attract a greater premium than the Luas, despite the recent extension to the green line.
For example, commuters living near the Dart are now paying €1,810 on average each month – while the average rent by a red Luas stop is now €1,652, and €1,797 for those close to the green Luas line.
Indeed commuters who opt to live by the Dart along the coast on the southside of the city will pay considerably more for their abode. On the Dart, Sandymount is the most expensive station to live close to, with an average rent for a one- or two-bed apartment of €2,282 – more than double the average rent at the cheapest rail stop, Cheeverstown Luas, in Citywest.
Elsewhere on the Dart, Pearse (€2,226); Lansdowne Road (€2,175); Dalkey (€2,205) and Grand Canal Dock (€2,145) make up the top five most expensive stops to live close to. The cheapest location are Bray (€1,475); Howth Junction and Donaghmede (€1,506); and Clongriffin (€1,511).
On the Luas, the most expensive stop on the red line is Spencer Dock, with average rents of €2,260 in the adjacent Spencer Dock development or over the bridge in Grand Canal, followed by the nearby Mayor Square/NCI (€2,094).
On the green line, which now travels from Broombridge to Bride’s Glen, the priciest area is that close to the Charlemont stop on the canal, with an average rent of €2,091, followed by Central Park (€2,031) out in Leopardstown, which is now home to several new upmarket apartment schemes.
When it comes to the newly-opened cross-city line, properties close to the Dominick stop near the Rotunda came out on top, with average monthly rents of €1,894.
Ronan Lyons, an economist at Trinity College Dublin, said price growth associated with the new extension has already been factored in, with rents up 3 per cent along the extension in the first quarter of the year.
“Based on this data, it appears that the rental market on the Luas green line has now adjusted to the new service,” he said.
The cheapest areas on the Luas are all on the red line, and after Cheeverstown include Belgard in Tallaght (€1,182) and Cookstown (€1,311).