'Grim' report highlights 'record' rent increases and 'extreme shortage' of rental homes 6 days ago

'Grim' report highlights 'record' rent increases and 'extreme shortage' of rental homes

The report says the availability of rental homes remains near an "all-time low".

The latest rental report from Daft.ie shows that there have been "record increases in rents" in Ireland while the country faces an "extreme shortage of rental homes".

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According to the property website, market rents in the third quarter of 2022 were an average of 14.1% higher than the same period a year earlier.

The average market rent nationwide between July and September was €1,688 per month, up 4.3% on the second quarter of the year and 120% above the low of €765 per month seen in late 2011.

It said that the annual inflation rate of 14.1% nationally is the highest ever recorded in the Daft.ie Report series since its launch in 2006, with the quarter-on-quarter increase also a new series high.

The website stated that this increase in market rents around the country has been driven by "extraordinary shortages" in the availability of rental accommodation.

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It added that there were just 1,087 homes available to rent on 1 November, down one quarter on the same date a year ago and roughly a quarter of the average level of availability between 2015 and 2019.

Daft.ie referred to the 1,087 figure as a near "all-time low".

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The report's author Ronan Lyons said the document contained "more grim reading for those hoping for an end to Ireland’s rental woes any time soon".

“Over the past 20 years, the best predictor of future changes in rents is the number of homes available at any particular point in time," he added.

"As that has collapsed over the past 18 months, it was apparent that there would be significant upward pressure on rents all across the country.

"This has been confirmed in these latest figures, which show record quarterly and annual increases in market rents, despite rents already being at very high levels."

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Reacting to the report, meanwhile, Sinn Féin spokesperson on housing Eoin Ó Broin said: "If this isn’t an emergency, I don't know what is," tagging Housing Minister Darragh O'Brien in the Tweet.

To read the full report, visit Daft.ie here.