Dublin Rents Are Now 30% Higher Than During Celtic Tiger Peak
The exorbitant escalation in property prices has shown no signs of abating, according to a Daft.ie's quarterly report.
The rental website released their third quarterly report for 2018 showing that Irish rental prices have risen for a 25th consecutive quarter.
The report contains a plethora of shocking statistics that highlight just how dire the situation in Ireland's housing and rental markets have become. And, despite the pledges of successive governments, there remains a systemic reticence to tackle the issue and try drive the construction of the vast numbers of houses and apartments that are needed to redress the shortfall that has led to such a dearth of supply.
The report estimates that, given that tenants are remaining in rented properties for longer periods - due to both the return of a modicum of economic stability and the rapid escalation in the cost of purchasing property which have risen out of the reach of many working people - there needs to be around 6,000 properties listed per month in Dublin to meet demand. At present there are only around 2,200 properties listed per month.
This massive disparity between supply and demand has seen rental prices soar throughout Ireland's cities in Dublin. While greater percentage increases have been recorded in other Irish cities in recent years, in real terms, the high costs most keenly affect Dublin. Average rental prices have risen throughout the county to an extent that the average cost of rent is now 30% greater than what it was at the peak of the Celtic Tiger.
While the rate of rental increases hasn't necessarily risen uniformly throughout county Dublin, in nine postal districts rents have more than doubled since 2012.
While rents around the country remain below the exorbitant rates in Dublin they are rising at an equally rapid pace.
For students, and indeed the populace at large, these increases are unsustainable. While the government has consistently promised to take measures to help tackle the current crisis in housing, these have so far evidently had little impact in dealing with the colossal problems that exist both in supply and with the rank opportunism among the nation's landlords.
If you would like to delve deeper into the profoundly depressing statistics you can do so at your own risk here.