12 Nov 2018

Nationwide rents surge 30pc higher than during Celtic Tiger

Filed under: Business News

Rents have risen 30pc above Celtic Tiger rates and reached a record high for the 10th consecutive quarter, according to a new report.

The findings by Daft.ie don’t expect the rental hikes to stop any time soon.

Nationally, there has been a rise of 11.3pc on last year, with the average monthly rental cost coming in at €1,334.

Rents in Dublin are 10.9pc higher than last year.

In Dublin the average rental price for a one-bedroom apartment ranges from €1,215 in north county Dublin to a high of €1,981 in Dublin 4.

Limerick and Waterford city have each seen a jump of more than 16pc in rental costs for a the likes of one-bedroom apartment. Meanwhile, the rental cost for five-bed homes in these cities are 26pc higher than 2017.

Rents in the capital are now 36pc higher than they were at their previous peak.

Daft.ie economist, Ronan Lyons said: “A problem that started to emerge nine years ago in Dublin has not only not been resolved, it has spread to the rest of the country”.

“Once again – for the 25th consecutive quarter – rents have risen. Once again – for the 10th consecutive quarter – both a new record high for rents has been set and the year-on-year rate of inflation is above 10pc,” he said.

Mr Lyons said the reason rents were rising countrywide is “because demand far outstrips supply”. He said the country needed to build far more homes than it was currently and that these should be predominantly urban apartments, based on the research.

The report found that the average market rent has risen by some 80pc in the past seven years, since it bottomed out in in 2011.

Article Source: http://tinyurl.com/kbwqb42

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