Thursday 21 September 2017

Rents levels rise by 8%

Household wealth in Ireland is on an upward trend
Household wealth in Ireland is on an upward trend

Rent levels in Dublin have risen by almost 8% compared to a year earlier, it was revealed.

Thousands more people risk losing their homes because costs are increasing so fast, the Focus Ireland charity warned. The inflation was blamed on a shortage of properties.

Outside the capital rents in the other cities are rising less rapidly.

Roughan Mac Namara, Focus Ireland advocacy manager, said: "The continuing rise in rent in Dublin - which is now spreading to other counties - is bringing the risk of losing your home a little bit closer for thousands more people in Ireland.

"It is at the same time blocking routes out of homelessness for thousands of households who rely on rent supplement to secure a home in the private rented market.''

The charity said it is dealing with many households who have lost their home due to rising rents and also with many more who are remaining stuck in homeless emergency accommodation because it is proving impossible for them to find a place to rent on existing rent supplement limits and also due to a shortage of properties for rental in many areas.

The charity called on the Government to invest 400 million euro to help deliver 3,000 homes and create up to 3,200 jobs in construction and supply.

According to the property website, Daft.ie, in Dublin, rents were 7.6% higher than a year previously. Fewer than 1,500 properties were available to rent on November 1, compared to over 6,700 on the same date four years previously.

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