Saturday 20 January 2018

Rent rises slow down in urban areas

Mark O'Regan

Mark O'Regan

The cost of renting - which had been rising steadily for much of last year - showed some signs of easing in the final three months of 2014.

Overall, rents are up year-on-year and the rate of increase is closely linked to location.

But overall the figures show the rise in renting costs in Dublin - and in other key urban areas - has slowed down.

However, the commuter belt surrounding the capital showed a sharp increase of 14pc compared to late 2013.

This is the first time such outlying areas recorded a higher rate of increase than the city.

According to the latest quarterly report by Daft.ie, the national average rent between October and December was just under €950, which was 9.7pc higher than last year. However, this is down from a 10.8pc annual increase in the second and third quarters, and is the first time since mid-2009 that rental inflation has eased.

The reduction in the national figure has been greatly helped by "moderation in Dublin's rental inflation", according to the report.

This was down from 16.5pc in April to below 10pc last month.

However, in Cork city rents are 7.3pc higher than last year, and in Galway they are 7pc higher.

Nationwide, there were just over 5,200 properties available to rent on February 1, down more than a quarter on the same figure a year previously. This is the lowest level of availability nationally since May 2007.

Irish Independent

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