A new infographic and report from Daft.ie has revealed that the price of rent in Ireland has soared higher than rent peaks during the Celtic Tiger. It is really at an all-time high.
Rents rose by 3.9% in the second quarter of 2016 – which is a bad, bad sign for accommodation hunters.
Rent in Dublin is now 5.2% higher than it’s last peak in 2008, AKA absolutely extortionate. And for the fourth quarter in a row, the highest rate of inflation country-wide was in Cork city – which ain’t good for students heading to university there.
These are the highest monthly rents throughout the country
And the percentages they’ve risen by since the second quarter of last year
The severe lack of properties is also a major problem. Rental listings do rise every year ahead of the academic year but so does the cost of rent. A vicious circle, really.
But that being said, August of this year shows the lowest number of rentals for the month of August on record, ever.
To starkly contrast and put this into perspective for you, August of 2016 there were 3,600 properties listed to rent nationwide whereas August of 2014 had almost 6,800.
Not good.
Especially for students.
‘Ahead of a new academic year, the latest figures highlight the severe shortage of accommodation for students. While a large number of purpose-built student apartments are either being built or are planned, these will take time to come on stream and will only cater for those on higher incomes. The majority of students will face tough choices about where to study and where to live.’
Ronan Lyons, author of the report and economist at TCD
The rise of rent in this quarter is the largest three-month increase in rents since early 2007 and means that, at €1,037 in the second quarter, the average monthly rent nationwide is at its highest level on record.
See the full infographic here.
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