Rents are now more expensive than they were at the same stage last year in every county in Ireland, according to the latest quarterly Rental Report by Daft.ie Nationally, rents have risen by over 11 per cent in the space of 12 months with the national average rent now €933 compared to €842 a year previously.
In the Midlands counties of Laois, Westmeath, Offaly, and Longford, rents rose by an average of 6.3 per cent in the year to September 2014, compared to a rise of 1.4 per cent a year previously. In Westmeath, rents were on average 6.4 per cent higher in the third quarter of 2014 than a year previously. The average advertised rent is now €614, a fall of 18 per cent from the peak.
Dublin’s annual inflation rate has slowed for the first time in five years, but prices have still risen by over 14 per cent in the capital since the third quarter of 2013.
In the other city centres, rents continue to climb. Waterford experienced an annual rise of 4 per cent, Limerick 6 per cent, Galway 7 per cent, and Cork 8 per cent. Most of Dublin’s neighbouring counties also continue to see double digit inflation with Meath witnessing growth of 11 per cent, Wicklow 13 per cent, and Kildare 14 per cent.
The number of properties available to rent has continued to plummet. On November 1 there were fewer than 5,400 properties to rent nationwide, the lowest figure since May 2007.
Commenting on the report, Ronan Lyons, economist at TCD and author of the Daft Report, said: “In many ways, the lack of available properties to rent is more concerning than the high rental rates, although clearly the two phenomena are inextricably linked. The only silver lining is the fact that this quarter was the first time in five years that rent inflation in the capital eased somewhat. However, even if an easing in Dublin inflation continues and stops the affordability crisis from worsening, it does nothing to change the availability crisis.”