Quarterly Daft.ie Rental Report
The latest market report from Daft.ie shows average monthly rent is €1,402 nationwide but €2,023 in Dublin. Rents were stable in the full year to June, rising by 0.5% year-on-year in Dublin while they rose by 1.2% in the rest of Leinster but rents in Connacht (West) and Ulster (North) are down 2% year-on-year. (Note: We advise adding 15% to 20% for higher quality properties.)
Today’s report also noted that the number of properties posted for sale or to rent during June showed a sharp recovery in market activity, compared to April and May. In the rental segment, there were 38% more homes advertised to rent in June 2020 than a year previously, with Dublin driving this trend. Overall, in the first half of 2020, there were almost 15,500 homes put up for rent in Dublin, up 3,000 on the same six months in 2019. In the rest of the country combined, there were almost the same number of rental ads in January-June (just below 15,400) but this represented a fall of 1,000 on the2019 total, rather than a rise.
Ronan Lyons, Assistant Professor in Economics at Trinity College Dublin commented “the country is still in need of hundreds of thousands of homes, principally for smaller households of one to two persons, in the social and market rental segments, and in or close to the biggest cities and towns. Ireland is used to building homes for bigger households, away from the big cities and for owner occupiers. Repositioning the construction sector to build what the country needs is one of the big challenges for the new government.