The cost of renting a home in Newry, Mourne and Down has increased by 53% since the start of the Covid pandemic, new research from PropertyPal reveals today.
The average rent on a residential property in the borough was £567 in Q1 2020 and had increased to £867 at the end of 2025, according to the leading property website. That’s an increase of £300 or 53% in five years.
In the same timeframe, the median full time annual wage in Newry, Mourne and Down increased by 27%.
In Northern Ireland as a whole, the average rent has increased by 51% since Q1 2020.
However, whilst rents have risen massively over the last five years, there are signs that the rate of increase has been easing.
The latest PropertyPal Monthly Snapshot shows that the rate of increase in rents in Northern Ireland is now 5% per annum compared to over 10% in mid-2024.
Commenting, Jordan Buchanan, CEO of PropertyPal says: “We have seen very significant increases in the cost of renting over the past five years or so, linked to very high demand and a shortage of supply. This has put strain on household budgets, as the rate of rental growth has outstripped wage growth considerably in this timeframe.”
“We are now seeing rents grow at a more sustainable pace of around 5% annually. This reflects some easing in rental demand as improved mortgage affordability has made buying relatively more attractive compared to renting, encouraging more households to enter the sales market. If mortgage rates remain broadly stable, this trend could continue, although the near-term path for interest rates remains uncertain given the wider global economic backdrop.”
PropertyPal is the leading local property portal, listing homes from property professionals across Northern Ireland. PropertyPal has the largest audience of home movers and home seekers across the region, with over 130,000 visitors to their website every day.
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