Does this sound about right to you?
The boom is back.
Or at least that’s what the figures released in the Quarterly Rent Index this morning would suggest, as rental prices in the capital are now 0.4% higher than they were at their peak in 2007.
Outside of the capital it’s a different story, as rental prices are still 14.5% off what they were during peak times in 2007, but the figures in relation to Dublin illustrate how expensive it can be to rent in Ireland’s biggest city.
According to the Private Residential Tenancies Board (PTRB) Quarterly Rent Index, compiled by the Economic and Social Research Institute, the monthly cost of a renting a house in Dublin in the fourth quarter of 2015 was €1,431 and the cost of renting an apartment was €1,314, increases of €124 and €105 respectively from the same period in 2014.
Outside of Dublin, the average cost of renting a house was €728 and the cost of renting an apartment was €696 in the fourth quarter of last year, increases of €64 and €67 per month from 2014.
You can read more about the Quarterly Rent Index on the PRTB website, but the fact that it’s taken less than a decade for rental prices to exceed what they were at the height of the boom following one of the worst recessions in living memory is sure to raise a few eyebrows.
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