Renting is going to put a big dent in your wallet.
The latest report from property website Daft.ie shows the cost of renting across the country is up by almost 12% to the end of June with rent in Dublin continuing to rise faster than elsewhere.
Daft.ie also shows that the availability record is low and there were fewer than 3,000 places available to rent nationwide on August 1, which was down almost 20% on the same date a year ago which is a new low for stock availability.
The national price of rent has increased by 13% compared to that of its 2008 peak and the average rent nationwide has risen by 56% since bottoming out in late 2011.
Here’s a breakdown of the average rent prices around the country:
Dublin City Centre – €1,741
Cork – €1,122
Galway – €1,026
Limerick – €919
Ronan Lyons, an economist at Trinity College Dublin, is the author of the Daft Report. He says:
“There are now fewer than 3,000 properties to rent nationwide.This is the lowest figure on record for the country. In Dublin there were just 1,121 properties available to rent on August 1st. That’s over 20% less than were available on the same date in 2016.
“The most important knock-on effect from this undersupply is, of course, a rise in cost. Rents are now 13% higher than their 2008 peak. In Dublin, where the lion’s share of new third level students will be looking, rents are now 18% higher than their previous peak. The average property in the capital now costs €1,741 a month to rent. That’s one and a half times the current average rent nationwide, €1,159.
This isn’t a happy picture for anyone in the rental market. But the class of 2017 are largely low-income newcomers in the most competitive areas of the housing market. The majority can only afford to let for 9 months instead of the standard 12 and don’t have stable earnings or prior references. In the private rental sector right now, it’s unlikely they’ll get a viewing, let alone a lease.”
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