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Rents across the country at 2008 levels as housing supply hits an all-time low

Rents rose by 16% in Cork since last year.

Image: William Murphy via Flickr

THE AVERAGE MONTHLY rent in Ireland has surpassed €1,000 for the first time since 2008.

As well as this, the supply of properties for rent at the beginning of this month was at the lowest point on record – with fewer than 3,100 properties available nationwide.

This is in comparison to 4,300 last year and 23,000 in 2009.

The figures come from the latest Daft Rental Report for the first quarter of 2016.

They show a nationwide average rent of €1,006 per month. This marks the first time since May 2008 that the average has surpassed €1,000.

The biggest rise in rent prices in the last year came in Cork – with the average monthly rent there at €1,003, up 16% since last year.

There were significant rises in Galway, Limerick and Waterford as well.

Rental prices in Ireland’s largest cities

Dublin, average rent: €1,464

Year-on-year change: +8.8%

Cork: €1,003

Change: +16.0%

Galway: €900

Change: +12.7%

Limerick: €792

Change: +12.4%

Waterford: €687

Change: 11.1%

Shortage

In terms of supply, there were fewer than 1,100 properties available to rent in Dublin on 1 May.

This compares to an average of 3,800 for the decade of 2006-2015.

Commenting on the figures, Ronan Lyons, an economist with Trinity College Dublin and author of the report, said that the top priority of the government must be to address the lack of housing in the country.

“The severe shortage of rental accommodation has worsened in the last three months, a phenomenon reflected in rapidly rising rents in all parts of the country,” he said.

With the formation of a new government, a top priority must be to address the lack of housing of all kinds, including homes to rent.
This involves understanding the costs of construction, which are out of line with average incomes.

Breakdown of the average rent in counties across Ireland

Leinster

Q1_2016_LEINSTER_RENT Source: Daft.ie

Munster

Q1_2016_MUNSTER_RENT Source: Daft.ie

Connaught/Ulster

Q1_2016_CONN_ULS_RENT Source: Daft.ie

Most expensive and least expensive counties to rent 

DAFT expnse Source: Daft.ie

Note: Journal Media Ltd has shareholders in common with Daft.ie publisher Distilled Media Group.

Read: There was an almighty jump in rents while everyone waited for price controls

Read: The number of properties for sale in Ireland has hit a nine-year low

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About the author:

Cormac Fitzgerald

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