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10th Feb 2019

Rental prices now well above their 2008 peak across Ireland

Carl Kinsella

affordable housing Ireland

The latest Daft.ie report reveals that rental increases are finally starting to slow down.

The bad news is that rents are a still at a cripplingly high level across the country.

The report, which carries data from the fourth quarter of 2018, showed that rent prices rose by 9.8% towards the end of the last year.

A regional breakdown shows that Dublin is still far-and-away the toughest place to rent, with average rents in the city centre at €2,029. South County Dublin is worse again with average rent prices of €2,169.

The cheapest average rent prices are in Leitrim, at €584 a month. Other counties like Donegal, Longford and Roscommon are all below the €700 per month mark.

A full county-by-county breakdown can be seen here:

Rent Ireland

One of the main takeaways from the report, authored by economist Ronan Lyons, is that supply of homes is increasing.

According to Lyons: “Nearly 2,300 apartments were built in the year to September, compared to just over 1,000 in the twelve months to September 2016. And planning permission was lodged for almost 10,000 apartments in twelve months to September 2018. The challenge, of course, will be seeing those permits convert to real homes.”

Even so, rents are still much higher than their 2008 peak. The report notes: “The average market rent nationwide has risen by 81% since bottoming out in late 2011 and, having exceeded its 2008 peak in 2016, is now 30.8% above the previous high.

“In Dublin, rents are now an average of 37% above their previous peak while in Cork and Galway cities, rents are 30% and 47% above levels recorded a little over a decade ago. Outside the cities, the average rent is 22% above its previous peak.”

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Topics:

Renting