This doesn’t make good reading for those looking to move without buying.
Rents in Dublin have increased by 26% since 2011, leaving students trying to find accommodation ahead of the new academic year a difficult task in finding somewhere to live.
The latest report from property website DAFT.ie shows that rents in the capital have jumped by 15% in the space of a year, with an increase of 17.2% year-on-year in the city centre.
Rents in Cork, Galway and Limerick are rising by between 6% and 7% a year.
With only 2000 properties available to rent in Dublin on August 1st, students now face great difficulty in sourcing affordable accommodation as colleges and universities prepare to open their doors after the summer break.
DAFT’s Ronan Lyons says this is due to the fact that Ireland has a growing population but not a growing stock of housing and other habitable properties.
“As there is no new supply in the major cities, landlords can be quite fussy about tenants,” said Lyons. “They’ll typically look for young families over professionals, professionals over students, students over low earners.
“With elderly couples and single occupants living close to universities, the old-school model of digs is probably going to come back this year, otherwise it’s unclear how we’re going to meet the needs of our students.”
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