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RENT IN IRELAND is rising rapidly, with the capital hardest hit.
Rents in Dublin were up 14 per cent in the first quarter of 2014, compared to the same time last year.
Overall, rents are up 9 per cent higher than this time last year.
Rents rose in every county outside Connacht and Ulster, with the biggest annual increase of 14 per cent coming in Dublin city centre.
The average rent nationwide is now €888, up €69 from the lowest point in 2011.
Rents rose in all city centres, with Cork and Galway cities both experiencing a six per cent rise. Limerick and Waterford rose by five and one per cent, respectively.
Rents in Dublin’s neighbours also saw rises, with Wicklow and Kildare both up by 9 per cent.
Outside of the cities, rents rose by an average of 4 per cent, whilst the number of properties available for rent is now under 4,000 – down from 11,000 two years ago.
Commenting on the report, Ronan Lyons, economist at TCD and author of the Daft Report, said that the report showed just how bad housing in Dublin was becoming.
“This latest Daft.ie Report shows that the housing crisis in Dublin is getting worse. The solution is not capping rents, which will limit the supply of new homes, but rather addressing the underlying problems, in particular streamlining the cost of land and of regulation.”
Daft.ie is part of the Distilled Media Group. Journal Media Ltd has shareholders – Brian and Eamonn Fallon – in common with Distilled Media Group.
Read: Is this the solution to Ireland’s social housing problems?
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