The housing market is broken.
The cost of monthly rents in Ireland have reached an all-time high as figures show that rent has soared by more than €200 in the last year in parts of Dublin.
The stark report, released by housing website Daft.ie, shows that rents are rising across the country.
Costs of rents have been rising in double digit rates for more than two years with the average cost of paying a landlord now €560 more than at the low in rental prices back in 2011.
Average rent across Ireland has reached yet another peak of €1,304, making it more than 26% higher than the high point during the Celtic Tiger.
For the last nine quarterly Daft.ie reports, new records of rent have been set, and the latest one shows that rents for properties advertised on Daft.ie grew by an average of 12.4% in the year to June, while availability of housing remains at an all-time low.
The report shows that many students simply won’t be able to afford accommodation to go to college, with two students forced to sleep on the street last year.
In the Daft report, Shane De Ris, President of Trinity College Dublin Students’ Union said: “The Government’s strategy for student housing leaves a lot to be desired, relying solely on the private sector to bulk out the number of beds in purpose-built student accommodation.
“The reality is that these privately-owned developments are priced way beyond the means of the vast majority of students, with weekly rates in excess of €230. These uber- luxurious complexes are attractive not to the student from a middle-income family in Clare or Tipperary, but to international students.”
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