The latest Daft.ie Rental Price Report has been published for Q1 2019.
Some of the highlights of the report include :
- The number of homes available to rent has reached its lowest level since 2006. Just 2,700 homes were available to rent nationwide on 1 May this year.
- The shortage of supply has pushed up average rents across the country to €1,366 a month – up over 8% year-on-year. While the increase in Dublin was less than 7%, in Cork, Galway, Limerick and Waterford rents increased by 10% to 15% over the last year.
- Average monthly rent in Dublin is at €2,002 and €968 in the rest of the country. The average listed rent is now €337 higher per month than the previous peak in 2008 and almost €625 higher than the low seen in late 2011.
The report’s author, Professor of Economics at Trinity College Ronan Lyons, told RTE News: “The solution is a relatively straightforward one, at least to say, is that we need more rental supply. The challenge is of course doing it.“ He said the rent pressure zone legislation is supposed to cover both sitting tenants and new tenants. But Mr Lyons said it is impossible for new tenants to police the landlord and know the 4% increase a previous tenant might have faced when they are entering a market with no supply.
Minister for Housing Eoghan Murphy said the rise in the cost of renting was the slowest in six years. Speaking on RTÉ’s News at One, Mr Murphy said: “Rents remain unacceptably high, but rents are rising at a rate that we haven’t seen since 2013. A very slow rate.“ The minister added that new rules which will weaken landlords’ powers of eviction will be signed into law within the next fortnight. Large, institutional landlords will be covered by the legislation so “tenants renting from those properties have the same protections as tenants renting from traditional landlords,” the Mr Murphy said. “We know we need to do more. That’s why protection for renters is so important.“
Highlights of the Daft.ie report are reproduced below but the full report is available at https://www.daft.ie/report/2019-Q1-rentalprice-daftreport.pdf
Source: Daft.ie and RTE News, May 13th