Fermanagh, similarly to the rest of Northern Ireland, has witnessed an unprecedented rise in the rental market over the past two years.

A recent quarterly report generated by industry leader PropertyPal indicates the NI market has seen an annual rental growth of 10.1 per cent for houses, in the past 12 months, averaging £793 per calendar month.

Specifically in Fermanagh, we have witnessed a yearly increase of 13.6 per cent.

What has caused rental price rises?

A number of factors have led to an increase in rental values – a trend that looks set to remain.

Firstly, the impact of supply and demand are the main contributing factors. The Fermanagh market continues to see a shortage in levels of supply available for people actively looking to rent, in combination with a significantly high level of demand from customers.

On average we would see between 30 to 50 applications for every rental property we market.

A sharp increase in borrowing costs, caused by interest rates now reaching 5.25 per cent, has made the affordability of mortgages for purchasing a property no longer viable for some parties and as a result, renting becomes the only option.

From the landlord’s perspective, this dramatic increase in interest rates has forced the landlord’s hand in increasing rents, merely to reflect the increase in costs they now have on their repayments.

Cost of living increases and inflationary pressures have also made it more difficult for people to save deposits to make the step on the housing market.

Six Tips For Potential Renters

1. Be in a position to provide references and ID at the time of viewing the rental. These will be passed on to the landlord for review. The more information you can provide to support your application will only help.

2. Keep a close eye on the market for new rentals becoming available and be ready to act quickly as the rentals move quickly. You can set up alerts through the PropertyPal app.

3. Talk to a mortgage broker; it may still be a better option to purchase, and monthly costs on mortgages are lower than current rental prices.

4. Ensure you have saved for the deposit; usually one month’s rent.

5. Contact local agents and make enquiries about future rentals becoming available.

6. Turn up on time and look presentable for viewings.

Analysis and advice courtesy of Montgomery Finlay & Co LLP; No. 41 Belmore Street, Enniskillen.