RENTAL PROPERTY SUPPLY in Ireland has hit an all-time low this month as rents also continue to rise nationwide.
Figures from the latest Daft.ie analysis of the Irish rental market showed that as of 1 February, tenants only had 3,600 properties to pick from in all of Ireland, compared to 5,200 at the same point in 2015.
The availability of rental accommodation has been a consistently decreasing since late 2010, at which point there were 16,000 properties available on the market.
Author of the Daft Report and economist Ronan Lyons said there is no sign of the rental crisis improving any time soon and it should be a major focus of the next government.
“The shortage of accommodation was first identified in the report in late 2010, ahead of the last election. Unfortunately, at the time, the political focus was on legacy issues related to ghost estates and negative equity,” he said.
Hopefully, the new government will focus on taking the necessary steps to increase availability of homes to rent early in its term of office.
With an average price of €1,435, Dublin held its position as the most expensive location for rental accommodation in 2015.
For the third quarter in a row, however, tenants living outside the capital continued to experience greater rates of inflation, paying on average 9.8% more rent than this time last year compared to Dublin’s 8.2% rise.
Rental prices in Ireland’s largest cities:
Dublin, average rent: €1,435
Year-on-year change: +8.2%
Region-by-region breakdown of the rental market:
Note: Journal Media Ltd has shareholders in common with Daft.ie publisher Distilled Media Group.