Rents in Cork continue to rise

Rents are continuing to rise at a record rate with some of the biggest increases now seen outside the capital.

In Cork city, rents rose by 12.1% in the past year to average €1,708, while in Cork county average rents were €1,305 – a 7.3% increase.

The average market rent nationwide between July and September was €1,698 per month, 120% above the low of €765 per month seen in late 2011.

The figures contained in the latest Daft.ie report reveal the 14.1 per cent national increase is the highest ever recorded since its launch in 2006.

Economist and author of the report Ronan Lyons says the government needs to speed up the delivery of rental property.

“The root cause of these record increases in open market rents is ultimately a lack of availability or lack of supply.

“When you look at the number of homes on the open market at any particular point in time, it was going down consistently anyway over the last decade, and that was a sign that new rental homes needs to be built.

“COVID put a bit of a pause on that, but since reopening almost two years ago now, early 2021 there’s been a dramatic fall off in the availability of rental accommodation.”

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