The presence of US high-technology companies Intel and Hewlett-Packard in Leixlip has had a major impact on residential lettings in west Dublin and areas around the Kildare border. With over 6,000 people directly employed, and a further 1,000 on contract work, there has been a large influx of young professionals into Leixlip, Celbridge, Lucan, Maynooth and Kilcock.
Average rents in these area are low compared with city centre and suburban prices, and the demand for property is not as high. The majority of the properties for rent are three-bedroom and four-bedroom semi-detached houses in new developments, costing between £650 and £800 per month.
However, one of the drawbacks of the area, according to Carina Warner, of Hooke & MacDonald's residential lettings division is: "While supply is high, there is very little choice in the type of property available". Tenants can expect to find a relatively good three-bed property for between £650 and £700 per month, with prices in Lucan village slightly higher. Similar properties in Templeogue, in Dublin 6, rent for £1,000 per month, and one-bedroom apartments in the city centre cost £600-plus.
Properties near Lucan and Leixlip villages are the most popular and command the highest rents. A three-bedroom house in Elmbrook Walk, Lucan, is letting for £750. A four-bedroom house in Castle Village Woods, Celbridge, costs £700 per month, and a four-bedroom house in Louisa Valley, Leixlip, is £800 per month.
In 1997, a three-bedroom semi-detached property in Maynooth would have rented for £400 per month; today it costs £700 per month. A two-bedroom apartment in Charter House, Maynooth, would have cost £400 three years ago, today's rental value on the same property is £650 per month.
However, this is a very popular area for young couples buying starter homes, and the rental market is not as strong. Although the demand for rentals has increased as the area has developed, "it is still a long way off from the more hectic markets of Dublin city centre and suburbs," according to Hooke & MacDonald.
Young professionals are the demographic majority here, with a high percentage working in Intel, Hewlett-Packard, and in Maynooth, City West Business Park and other areas located around the M50. Leixlip, Celbridge, Lucan, Clonsilla and Kilcock are also areas sought by families relocating from the UK and abroad, according to Trina O'Riordain, of Coonan's Auctioneers, Maynooth.
In Maynooth, students in private rented accommodation dominate the residential lettings market. The student population of the National University in Maynooth has increased by 26 per cent in the last five years to 5,000. But the area is also becoming popular for young professionals working in the area.
Fiona Kenny, accommodation officer for the university, estimates there are approximately 1,000 students in rented property, and says: "Demand is high but unlike most other colleges, we have not experienced any accommodation crisis here".
The corporate lettings market is another area of growth, mainly due to the large multi-national companies in the area. The lets are short-term and are usually top-of-the-range properties, taken care of by a relocation agency.
One significant trend is that while rental prices for houses in this area are low, apartments can achieve a much higher value. A one-bedroom apartment in The Holllows complex, on Newcastle Road, rents for £550 per month, compared with £650 for a three-bedroom house nearby.
One disadvantage of the area is transport. At present, Iarnrod Eireann is upgrading the train service from Connolly to Maynooth. By the end of this year, two additional trains will be running on the line and there will be a new stop at Intel. Plans include running a train every 20 minutes.
President of the Leixlip Chamber of Commerce, Michael McGreavy, says: "The expansion of the diesel train will be a major factor for access to the city centre, especially for younger working people as they will find that it is way cheaper rent out here than in city centre areas."
