Thursday 17 October 2019

Shortage of properties drives up rents 5pc in capital

Charlie Weston Personal Finance Editor

RENTS rose last year as a shortage of properties in places where people want to live has made housing more expensive.

The average national rent is up 2.7pc from a year previously and has risen for three consecutive quarters for the first time since 2007, according to the latest Daft.ie rental report.

The average rent nationwide now stands at €815, compared with €794 a year previously.

Driving the rise in rents is Dublin, which has seen a rise of 5pc from the same time last year, compared with a 0.2pc rise outside of Dublin over the same period.

The number of properties available to rent also continues to fall with fewer than 11,000 available for rent in April, down almost one third in a year.

Fell

In the other cities, rents rose year-on-year in Cork and Galway, but fell in Limerick and Waterford.

Outside the cities, rents rose in Dublin's commuter counties by 1.4pc on average, but fell elsewhere, typically by between 1pc and 2pc compared with a year ago.

Daft.ie economist Ronan Lyons said the gap between urban and rural property markets was growing wider.

"Over the last two years, rents have risen steadily in Dublin and are now, for example, 10pc higher in south county Dublin than in late 2010," said Mr Lyons.

"The reason comes down to a lack of supply."

Mr Lyons said rents in the capital had gone up by €77 a month.

Over a year this is over €900 in extra rental costs.

The average monthly rent in Dublin is now €1,131. In Cork it is €799, and in Galway it is €784.

Irish Independent

Editor's Choice

Also in Irish News