Monday 25 September 2017

#HaveYourSay: Rents in capital soar to levels higher than at height of the boom

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Charlie Weston

Charlie Weston

Rents in Dublin have reached their highest levels and are soaring beyond the rates charged at the height of the housing boom.

The average cost of renting a house in the capital is now €1,430 a month.

And a city apartment at €1,312 a month will cost you €100 more than it would have one year previously.

This is even higher than it cost to rent a house during the peak of the boom in 2007, according to the Private Residential Tenancies Board (PRTB).

Rents are now at their highest level ever in the capital, a major factor contributing hugely to the housing crisis.

Nationally, rents are up by €20 a month since last summer, now averaging €921 a month for houses and apartments countrywide. And tenants find it almost impossible to get new accommodation when they have to leave their rental property if the landlord wants to sell.

The new rental figures have prompted the Simon Communities to renew calls for urgent action to address the growing housing and homeless crisis.

The charity warned that rising rents are continuing to push thousands of people into homelessness.

Spokeswoman Niamh Randall said the PRTB report provides further evidence the crisis is out of control. "It's now beyond question that a minister for housing with a seat and vote at Cabinet is needed," she said.

Compared with a year ago, the rental cost of a house in Dublin is €124 a month higher, according to the figures.

Renting an apartment in the capital city now costs €1,314 a month, which is up more than €100 a month on a year ago.

The rises in Dublin are despite a slowdown in rents nationally in the last three months of last year. The figures related to the time rules came in that meant landlords can now raise rents only every two years instead of every year.

The PRTB said rents in Dublin were now 0.4pc higher than they were at their peak in 2007.

Outside Dublin, rents are still 14.5pc off their peak.

Over the past year, rents nationally had risen by 9.8pc.

Annual growth in the Dublin market was also strong, up by 9pc, according to the research from the PRTB and the Economic and Social Research Institute.

The average cost of renting an apartment across the country was €977 at the end of last year, which is even higher than the cost of €892 for a house.

But it is in Dublin that the pressure is really being felt.

In the capital the rental cost was €1,431 for a house, and €1,314 for an apartment.

A year earlier the rent for a house in Dublin was €1,307, and for an apartment it was €1,209.

Outside Dublin, the rent was €713, with houses averaging €728 and apartments €696, a monthly increase in rent outside of Dublin of €64 for a house and €67 for an apartment in the 12-month period.

Irish Independent

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