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Bad news for students: rents are up across the country

And there aren’t many properties to rent.

Image: Mark Stedman/Photocall Ireland

ALL OF IRELAND’S cities have seen rises in rent prices, as students rush to find accommodation for the school year.

The year-on-year rises outlined in the Daft.ie report for the second quarter of 2014 shows that the capital has seen a 17.2% rise in rents.

The average rent in Dublin is now €1,345, the report says.

That is a trend seen across Ireland’s cities, with Cork up 7.4% to €866, Galway up 6.7% to €845, Limerick up 6.3% to €682 and Waterford up 2.8% to €608.

Daft Report Source: Daft.ie

Rents rose in every county, bar Donegal, but there is concern over the dwindling number of properties available. There are now 6,800 properties available to rent across the country, down from 11,000 in August 2013.

That is a fall of nearly 40%.

Commenting on the report, Ronan Lyons, economist at TCD and author of the Daft Report, said that students need to be prepared for a tough year.

“For students looking for accommodation, the 2014/2015 academic year is likely to prove one of the toughest for over a decade.

The imbalance between supply and demand is particularly acute in Dublin, where rents are closer to their 2007 peak than their lowest point in 2010. In a market like this, it is easy to panic so it is important that prospective tenants do their research ahead of making any decisions.

Daft.ie is part of the Distilled Media Group. Journal Media Ltd has shareholders – Brian and Eamonn Fallon – in common with Distilled Media Group.

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