Rise In Renting Costs Around Ireland Shown In New Report Is Staggering
The Irish Rental Price Report for 2017's third quarter is here and it makes for pretty grim reading. The study carried out by Daft.ie shows widespread increases in rent in each province.
The average rent nationwide has risen by 61% since bottoming out in late 2011 and, having exceeded its 2008 peak in 2016, is now 16.4% above the previous high. In Dublin, rents are now an average of 22.8% above their previous peak while in Cork and Galway cities, rents are 13% and 25% above levels recorded a decade ago. Outside the cities, the average rent is 8.7% above its previous peak.
The findings also show there are less properties available across the country. Munster has fewer than 750 homes available to rent in on November 1st, 11.6% lower than the same day in 2016. In Ulster & Connacht there were just over 600 homes available to rent on September 1st, a fall of 7.5% on the same date a year previously. There were just 716 properties available to rent in Leinster outside Dublin on November 1st, over 15% lower than the same date in 2016.
Author of the study, Ronan Lyons, presented a worrying solution to the housing crisis in his report:
The country needs close to 50,000 homes a year to cater to underlying housing demand – both market and social. More than 15,000 rental homes are needed each year. As I wrote recently in a report for Activate Capital, a state-backed residential finance provider, Dublin alone needs an apartment block of about 200 units to open every week from now until the 2080s.
Staggering numbers.
Here's a breakdown of the average rent in each county in Ireland:
Carlow — €820
Cavan — €648
Clare — €727
Cork — €855
Cork City — €1144
Donegal — €592
Dublin City Centre — €1819
Dublin North County — €1478
Dublin North City — €1659
Dublin South City — €1890
Dublin South County — €1955
Galway — €751
Galway City — €1057
Kerry — €728
Kildare — €1,193
Kilkenny — €850
Laois — €812
Leitrim — €532
Limerick — €748
Limerick City — €956
Longford — €595
Louth — €1066
Mayo — €632
Meath — €1147
Monaghan — €696
Offaly — €779
Roscommon — €613
Sligo — €665
Tipperary — €720
Waterford — €760
Waterford City — €797
Westmeath — €814
Wexford — €741
Wicklow — €1236