Rents rising three times higher outside Dublin, report shows
Rents have climbed by an average of 7.3 percent nationwide in the past 12 months, but the rise was most pronounced outside the capital at 10.6 percent
Rents are rising by three times as much around the country as in Dublin.
The latest Daft report shows the average open-market rent nationwide in the second quarter of the year was €1,922 per month. That is a rise of 7.3 percent year-on-year and 41 percent higher than before the outbreak of Covid.
Inflation in market rents remains significantly lower in Dublin than elsewhere in the country. In the capital, rents in the second quarter of the year were 3.5 percent higher than a year earlier, while elsewhere in the country, they were on average 10.6 percent higher.
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Market rents rose particularly sharply in Limerick city (up 21 percent year-on-year). In other cities, increases ranged from 13 percent in Galway to 10 percent in Waterford. Outside the cities, the rate of increase was similar, on average, between 9.3 percent in Munster and 10.5 percent in Connacht-Ulster.
On August 1, there were just over 2,200 homes available to rent across the country, effectively unchanged from the same date a year previously – and just half the 2015-2019 average of 4,400.
Ronan Lyons, associate professor in economics at Trinity College Dublin and author of the Daft.ie report, said: “Between mid-2022 and mid-2023, a slow-down in inflation in open-market rents occurred, driven by Dublin and in particular by the construction of significant numbers of new rental homes.
“As seen by very high rates of inflation in market rents in the other cities, this was limited to the capital, where new supply was concentrated. This report suggests that, even in Dublin, improvement in the availability of rental homes is stalling.
“Without new rental supply, it is likely future pressure on rents will be upward, further straining affordability for those on regular incomes.”
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