Nationwide rent prices on the rise

Rents for homes in Dublin have increased by 7.6 per cent in the past year, contributing to a countrywide jump of more than 4 per cent, according to the latest Daft.ie rental report.

The report shows average rent prices across the country accelerated to 4.8 per cent in the third quarter of this year, mainly due to trends outside Dublin. Rental costs outside the capital increased from 0.9 per cent to 1.8 per cent in recent months.

In Cork and Galway cities, rental inflation is between 3 per cent and 4 per cent, while in Limerick, rents are 1.8 per cent higher, the first annual increase in rents since late 2007. Outside the cities, rents rose by 2.7 per cent in Leinster and 0.9 per cent in Connacht-Ulster but were static in Munster.

In Dublin, rents were 7.6 per cent higher than a year previously as a result of very tight supply, with fewer than 1,500 properties available to rent on November 1st, compared to more than 6,700 on the same date four years ago.

TCD economist Ronan Lyons, who was the author of the Daft report, said an acute shortage of rental accommodation has now emerged in Dublin, with fewer properties on the market now that at any point since records started in January 2006.

“Clearly, any Nama supply in the capital would be a welcome addition in easing tenant concerns.”