Lack of stock resulting in sky high rents - just 88 Cork properties listed on Daft.ie website
THE latest quarterly Daft.ie report has underscored the deepening crisis within the Irish rental market, resulting from a perfect storm of rising rents and the lack of available accommodation.
The report for Q3 of this year makes for sombre reading, revealing that nationally rents have risen by 14% over the last 12-months – representing the highest year-on-year increase in market rents since the first Daft.ie rental report in 2006.
The report showed that the average monthly rent nationwide between July and September stood at €1,688 compared to €1,516 during the same period in 2021.
It showed that rents rose by 4.3% on Q2 of this year, representing the highest quarterly increase in the 18-year history of the rental report series.
The report also found that as of November 1 there were just 1,087 homes listed to rent across the State – a 60% reduction on the same date a year ago.
The average monthly rent in Cork County at the start of the month stood at €1,305, up by 7.3% on the same time last year and a staggering 119% higher than at their lowest point, or trough, in 2011.
The corresponding figures for Cork City came in at €1,708 per month, a year-on-year increase of 12.1% and 127% higher than the 2011 trough.
The severe shortage of available accommodation across Cork was highlighted by the fact that as of Tuesday there were just 88 properties available to rent across Cork City and County listed on www.daft.ie.
Examples of those included a two-bed apartment on Opera Lane in Cork City at a rent of €3,000 per month; a three-bed house in Carrigtwohill at a rent of €2,500 per month; a four-bed house in Inniscarra at a rent of €2,134 per month; a four-bed house in Blarney at a rent of €2,000 per month and a one-bed apartment in Grenagh at €1,188 per month.
Taking in Munster as a whole the report found there were just 267 homes listed for rent across the province on November 1. While this was up by one on the same time as last year, the report said it was “just a fraction” of the level typically seen during the 2010s.
The report said that, like full-property rentals, the cost of single room rentals in Munster had also risen over the year, with an average increase of 17%.
The average cost of renting a single room in Cork City Centre on November 1 stood at €551 (up by 6.2% on last year), in the city suburbs €524 (up by 12.9%) and in Cork commuter towns €545 (up by 26.7%).
Single room monthly rental across the rest of Munster stood at €455, a year-on-year increase of 27.1%.
Rental report author, TCD assistant Economics Professor Ronan Lyons, said it contained “more grim reading for those hoping for an end to Ireland’s rental woes any times soon”.
“The compelling evidence from the rental market in Ireland over the past two-decades – and reaffirmed in very clear terms in the last few months – is that, for any given level of rental demand, the best cure for high rent is supply,” he wrote.
Cork East Sinn Fein TD Pat Buckley said the latest rental report showed there was a “growing housing emergency” in Cork that was rapidly “spiralling out of control”.
“The Minister for Housing, Darragh O’Brien, must take action to tackle run away rents. This means a three-year ban on rent increases. It means a properly designed refundable tax credit to put a month’s rent back into every private renter’s pocket,” said Deputy Buckley.
“It also means increasing and accelerating the delivery of genuinely affordable cost rental homes. Minister Darragh O’Brien recently said that there is no housing emergency. Well anyone reading the Daft.ie rent report would beg to differ. People affected by this crisis every day in Cork would beg to differ,” he added.