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No slowdown in rentals

THERE is no sign of a slowdown in Dublin's inflating property rental market – but the rest of the country is lagging behind.

A report by estate agent Savills has said that it seems rents will continue to rise into 2014, but that the two-tiered market of Dublin and the rest of the country will grow more pronounced.

Figures from Daft.ie have also shown that in the first six months of the year rental prices in Dublin rose by 7.5pc while prices outside of Dublin rose by 1pc.

A lack of supply in the Dublin market has been blamed for the increase.

The number of available properties on the market in August 2013 at 2,395 compared to 4,212 at the start of August 2012.

Savills has said it believes that residential rents will continue to rise in the main cities in the years ahead and could go up as much as 10pc by 2015.

The property experts contend that rents have dropped by 25pc from the peak in 2008, but they have begun to rise again and this pattern is set to continue.

Clarie Neary, associate-lettings manager with Savills Ireland, said: "We have found over the past 12 months many people moving to Dublin from the county to take up employment.

"This has meant a surge of demand for properties when the supply is not available."