Renting In Ireland Is Now Higher Than Celtic Tiger Era

Rents rose nationwide by an average of 12.4% in the year to June 2018, according to the latest quarterly Rental Report by Daft.ie.

This represents the ninth consecutive quarter in which a new all-time high for rents has been set and also in which annual inflation in rents has been greater than 10%.

The average monthly rent nationwide during the second quarter of 2018 was €1,304.

This is €274 per month higher than the previous peak in 2008 and over €560 higher than the low seen in late 2011.

There were 3,070 properties available to rent nationwide on August 1st, total availability is the lowest on record, going back to 2006.

Commenting on the report, Ronan Lyons, economist at Trinity College Dublin and author of the Daft Report, said:

“While the building of new homes appears to be having some effect in the sales market, with inflation easing somewhat, there is no counterpart in the rental sector. While urban apartments make up almost all the net need for new homes in the country as a whole, just 13% of new homes completed in the year to March were urban apartments.

“In that context, it is unsurprising to see rents rise once more. As before, with such a mismatch between supply and demand, policy must focus on dramatically increasing the construction of urban apartments, for both market and social housing needs.”

Average rents, and year-on-year change, Q2 2018

• Dublin: €1,936, up 13.4%
• Cork: €1,266, up 12.8%
• Galway: €1,189, up 15.9%
• Limerick: €1,109, up 20.7%
• Waterford: €921, up 19.3%
• Rest of the country: €909, up 10.4%

The full report is available from www.daft.ie/report.