Rents at an all time high
Rents have hit an all time high, with a chronic shortage of rental properties to blame.
The latest Daft.ie report shows rental prices surged by 12.6% in the second three months of this year when compared to the same period last year.
It’s the highest price rise since Daft first began compiling records 16 years ago.
Supply of rental properties is also at its lowest since 2006, with only 716 homes available to rent in the entire country on the 1st of August, while there were only 292 live rental ads for homes in Dublin, a new record low.
The national average rent is now €1,618 a month, in Dublin it’s €2,170.
Economist and author of the Daft.ie report Ronan Lyons says action is needed to bring prices down.
“I think the target here has to be to bring rents back down to affordable levels.
“When you look nationally rents are about 60% higher than the Celtic Tiger peak, and 110% higher than they were a decade ago.
“It’s no longer a case of if we we can get them to level off, we should be actively targeting sufficient new supply to bring rents down.”