Rental costs are rising in four of Ireland’s five major cities

Rental costs are rising in four of Ireland's five major cities

During the three-month period from June to September, average rental prices rose by an average of 1.2% nationwide, according to new figures released today.

Four of Ireland’s five major cities saw an increase in average monthly rental expenditure compared to last year, according to its quarterly rental report.

In Dublin, monthly rent fell slightly, or 0.8 percent, to $ 2,028 in the last quarter.

However, in Cork City, Galway City, Limerick City and Waterford City, rental costs rose by about 5% over the previous year.

Rents rose 5.2 percent to $ 1,443 a month on average in Cork and $ 1,058 in Waterford, up 5 percent.

The city of Galway rose 49 percent to $ 1,443. Rents in Limerick City rose 3.4 percent to $ 1,260.

The average national increase slowed to 1.4 percent in the second quarter, shortly after the outbreak of the Covid-19 in Ireland.

The rental distribution in Dublin is more than double last year, rising from 2,700 to 1,400.

However, outside of Dublin, rental supply fell by a third and fell to its lowest level since 2006, with 1,435 properties available for rent outside Dublin in early November.

Ronan Lyons, an economist at Trinity College and author of the report, said: “The importance of supply in providing more affordable rent.”

“In Dublin, supply has increased this year, mainly due to the impact of the Covid-19, and rents have fallen slightly,” Lyons said.

Elsewhere in the country, rent shortages are exacerbated and rents are rising at an all-time high. Even in Dublin, availability is below the 2006-2007 level, rents are low, and one-third of what was seen a decade ago will be available, ”he said.

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“It underscores the importance of the extra new rent distribution – not just in Dublin in solving a problem that was central to voters’ minds earlier this year.”

Housing spokeswoman Eoin Broin said the new figures show that the rent crisis is getting worse.

“DAFT.E data shows that the rent crisis is getting worse. Rents are very high and continue to rise in many places. At the same time, there has been no response from Housing Minister Darag O’Brien, “Broin said.

21 Budget 2021 The Budget 2021 includes “no measures to prevent rent increases, no measures to reimburse tenants, and no financial assistance to provide rental accommodation at reasonable rates that our cities urgently need.”

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