Rents now 30 per cent higher than Celtic Tiger peak

Photograph: Sasko Lazarov/RollingNews.ie

The average monthly rent across Ireland is now €1,334 which is €304 higher per month than at the Celtic Tiger peak a decade ago or more.

The figures, for September, are in the latest quarterly report by the estate agency website Daft.ie.

It found that the increased national average is being driven by dramatic price rises in Dublin followed by other Irish cities.

In Dublin, rents are now 36 per cent higher than their previous peak a decade ago, with people now paying €520 more than then to rent in the city.

But the surging price rises are not confined to Ireland’s capital city.

daft.ie Rental Report: Q3 2018 – An infographic by the team at daft.ie

In Limerick city rents were 20.3 per cent higher than a year ago and 19.7 per cent higher in Waterford over the same period.

In Galway the increase was 16.1 per cent and in Cork, rents rose by 13.7 per cent in the same period.

Outside Ireland’s five main cities Irish rents rose by an average of 10.6 per cent.

The cheapest places in Ireland to rent are Leitrim (€577) and Donegal (€628).

The south side of Dublin – had the highest average rents but the biggest increases or jumps in cost were in the city centre and on the North side.

There was been a small, 6.4 per cent, increase in the availability of rental properties in Dublin this was offset by the falls in availability elsewhere, particularly in Leinster (down 15 per cent) and in Munster (down 13 per cent).

The Daft.ie report said the overall number of properties available for rent as of the beginning of this month had fallen by 4.5 per cent to 3,214 properties.

The author of the report, TCD economist Ronan Lyons, said the current state of the private rental sector should be high cause for concern.

Lyons continued that when looking at a comparison of the of the country’s households and its dwellings, it reveals an acute shortage of apartments and not family homes.

“The recent increase in residential construction is being driven by estate houses, not apartment schemes. Dramatically increasing the construction of urban apartments, for both market and social housing sectors, must become the priority for policymakers in 2019,” Lyons said.

He said most new urban apartments will be for the rental sector, either market or social, which is what Ireland’s housing system needs.


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