Tuesday 27 September 2016

Rents continue to rise across country

Published 11/05/2015 | 02:30

Average rent and year on year increases
Average rent and year on year increases

The cost of renting continues to rise - but the rate of increase eased slightly in the first three months of 2015.

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However, there is a chronic shortage of suitable rental accommodation in many major urban areas - and availability last year was the lowest since 2006.

This is continuing to keep rental costs high in many parts of the country. According to the latest quarterly 'Rental Report' by Daft.ie, rents were up in the first three months of 2015 in every area surveyed.

The Dublin commuter belt is now seeing a sharp upward swing in prices charged to tenants.

Nationally, the current figure of around 4,300 properties available for rent is in sharp contrast to a figure of 7,200 for the previous year.

Back in 2009, there was a high of almost 24,000 rental properties available.

The national average rent between January and March was just over €960, and while this is 8.2pc higher than at the same point last year, the rate of increase is down from a previous figure of 10.4pc.

There has been a significant slowdown in the rise of renting costs in Dublin.

This has eased from almost 17pc in April 2014 to a comparable figure of 7pc this year.

However, this has been offset by an increase in the cost of renting across the Dublin commuter counties, which has gone up from 7.6pc to 14pc.

In the other city centres, rents also continue to go up - but at a slightly slower pace.

In Cork city, rents are 7.5pc higher than a year ago, with a similar increase of 7.4pc seen in Galway.

In Limerick, rents are up by 6.8pc in a year, while in Waterford city rental inflation was 5.6pc.

Rental figures for across the country now stand at Dublin: €1,358, up 8.3pc; Cork: €911, up 7.5pc; Galway: €889, up 7.4pc; Limerick: €718, up 6.8pc, and Waterford: €634, up 5.6pc.

Irish Independent

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