The latest Daft.ie Property Rental Report released today shows rents hitting new all-time highs and stock levels at all-time lows.
The report shows rents rose 2.3% in the third quarter, the 25th consecutive quarter of growth, with the annual rate of growth standing a 11.3% year on year (yoy). In Dublin, rental growth stood at 11% yoy with rents having now doubled since the 2011 trough.
In the other cities, rental growth stood at 16% yoy in the third quarter. Goodbody Stockbrokers say there is no reason to believe that rental growth will slow to any significant extent any time soon give the current low level of stock and ongoing strong demand. In the third quarter, the stock for rent stood at just 3,200 properties, down 5% on a year ago and close to all-time lows.
According to Goodbody Stockbrokers, "With population growth strengthening, rapid employment growth and macroprudential policy preventing some cohorts from purchasing, demand will
remain robust. On the supply side, the latest housing completions stats contains little sign of addressing the rental shortage, particularly in relation to apartments. We are likely to be writing about similar rental trends in three and six months time."