Commuter belt rents a further sign of the crisis
Published 14/06/2016 | 02:30
Another day brings another discouraging report about our continuing housing crisis. This time we learn that spiralling rents are spreading to the commuter belts of our four big cities. It is not good news by any assessment.
Rents in areas that are within driving distance of Dublin, and our three bigger cities of Cork, Galway and Limerick have risen by up to 19pc in the last year. High rents and a lack of supply - now that 'reluctant landlords' have sold on their houses and flats - have caused a real flight to the suburbs.
The net result is that properties in the commuter belt are now fetching as much as €190 more per month when compared with rates 12 months ago. This housing shortage is eating into disposable incomes at a time when young people especially are being told they must save some 20pc of the purchase price - often around €60,000 - before they can qualify for a mortgage.