Rents rise in Cork due to supply shortage

Chronic supply shortages are causing rents to spike particularly in cities like Cork, according to a new report.

DAFT.ie has published the document, which has found that the cost of renting outside the capital has surged by 11% since last year.

While the increase nationally is 5.6% over the same time period.

The average rent in Cork city is now €1524 while in the county rents were on average 13% higher in the second quarter of 2021 than in the previous year.

Ronan Lyons, Trinity College Dublin Economist and author of the report, says the figures in some counties are unlike anything he’s seen before.

“We’re seeing record increases in rents.

“In Kerry, rents are 16.5% higher than last year, and there’s nothing like that in the 15 years of the Daft report.

“It’s a story that’s repeated across rural Ireland in terms of the rental markets, and it’s really a story about a lack of supply.”

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