Sunday 17 December 2017

Number of homes for rent falls

Charlie Weston Personal Finance Editor

THERE has been a sharp fall in the number of properties for rent, despite excessive building during the boom.

Over the past year the number of properties for rent fell by nearly 1,000.

This has been accompanied by a drop in rental prices, reversing a previous rise.

The average rent nationwide has fallen by nearly 1pc to €821 during the past 12 months, according to Daft.ie.

A shortage of properties to rent in Dublin saw the average rental price in the city rise by 0.3pc to €1,057 compared to a year ago.

Cork saw the average rent rise 2.6pc to €865.

This is largely due to aspirant first-time buyers continuing to rent while house prices are falling or because they cannot get a mortgage, Daft.ie economist Ronan Lyons said.

But rents have fallen in Galway, Limerick and Waterford.

Further falls in rents are expected this year after the Government cut the supplement it pays to social-welfare recipients who rent a home from a private landlord. Cuts of up to €270 a month have been announced.

Irish Independent

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