Rents across Ireland rose by an average of 5.2% nationwide in the year to September 2019, according to the latest quarterly Rental Report by Daft.ie.
At €1,403, the average monthly rent nationwide during the third quarter of 2019 marks the fourteenth consecutive quarter of record rents. The average listed rent is now €373 per month higher than the previous peak in 2008 and almost €660 higher than the low seen in late 2011.
In Dublin, the rents in the year to September 2019 was up 3.9%, with the average monthly cost in the capital now €2,044, while Cork was up 5.5%, with an average monthly rent of a €1,372. Elsewhere in the country, rents continue to rise at faster rates, with increases of 10.1% in Munster and 8.2% in Connacht-Ulster in the year to September.
The number of homes available to rent nationwide is up 10% from the same date a year ago. This marks the eleventh time in twelve months that rental availability nationally has improved, albeit from record lows. Despite the increase this still amounts to only 3,500 rental homes for the whole country.
Commenting on the report, economist at Trinity College Dublin and author of the report, Ronan Lyons said: “Over the last decade, Ireland’s rental market has experienced a persistent and worsening shortage. Only in recent months have signs emerged of any improvement in this situation."
He said that, while the report had found both “improved availability and lower inflation”, rents continue to climb “from a base where they are already high compared to wages”.
My Lyons concluded that there is no “quick-fix” regulatory solution for the sector, adding: “fixing it will involve the construction of tens of thousands of new rental homes every year for the foreseeable future."