A generation trapped by spiralling rents
Published 13/06/2015 | 03:03
RENTS have soared by as much as 30pc in parts of the capital in the last five years, a major study of the rental market by the Irish Independent reveals.
But a two-tier rental market is rapidly emerging, as prices have plummeted by anything up to 65pc outside the cities of Dublin, Cork and Galway.
The spike in prices means an entire generation are condemned to rent their homes because they can never save a deposit to secure a mortgage.
The analysis shows that tenants seeking a home in the main cities will pay more today than they did five years ago, because of a severe shortage of available properties.
However, average prices in regional areas have fallen across all counties, bar one.
The data is based upon official rents being paid, as registered with the Private Residential Tenancies Board.
The most expensive rental address in the country, across all property types, is Grand Canal Dock in Dublin, at €1,945 per month.
This compares with the cheapest of €290 on the Inner Ring Road in Waterford city.