THE NUMBER OF properties available to rent in Ireland has hit a three-and-a-half year low, according to the latest report published by Ireland’s biggest property website, Daft.ie.

The latest Daft Rental Report shows that the average rent across the country in the first quarter of this year was largely unchanged from the same period last year (down 0.1 per cent), marking the eighth consecutive quarter of stable rents. The average nationwide rent is now €812.

However, while the national average is stable, a rising gap between rents charged in rural and urban areas has been noted - particularly in Dublin and Cork.

Dublin rents for the first quarter of this year were 1.2 per cent higher than a year previously, while Dublin city centre rents increased by 2.1 per cent.  In Cork city, rents were 5.5 per cent higher.

Meanwhile, in Galway city, rental prices were noted to be relatively stable (down 0.4 per cent on last year) and in Waterford and Limerick, rents fell by 3.6 per cent and 1.7 per cent, respectively.

Ronan Lyons, economist at Daft.ie, said there was now a clear difference in rental trends between the major urban centres of Dublin and Cork and the rest of the country: “This difference reflects greater demand for living near cities, which are home to most new jobs, and also reflects supply factors. The number of properties available to rent in larger cities is falling, with 13 per cent fewer properties available to rent in Dublin now than a year ago.”

Also commenting on the report, Barry O’Leary, Chief Executive of the IDA, said: “While there is concern among some property owners that rents and prices have not returned to boom levels, the market emerging from the economic crash appears more sustainable, which is something the IDA would always welcome.”

Read the Daft.ie Rental Report in full>

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