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Residential rents increase for first time in two years

Residential property rents increased for the first time in two years last month as the number of homes available for renting declined, according to a report on property site Daft.ie.

Average monthly rents, at €765, were 1.5pc higher than in January 2009, the report said.

The number of properties available for rent on the Daft.ie site has fallen to 19,000 this month, from more than 23,000 in August.

Last month’s rental-price increase follows a drop of almost a quarter since the peak early in 2008.

“It is too soon to say definitively whether rents have leveled off, but the January increase does seem to be broadly consistent around the country,” Ronan Lyons, an economist at Daft.ie, said in the report.

“We would be reluctant to suggest that the floor in rents has been reached just yet,” Deirdre Ryan, an economist at Goodbody Stockbrokers in Dublin, said in a research note today.

“The current level remains very high when viewed over a longer time horizon.”

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