The average rent nationwide in the first quarter of 2012 was largely unchanged from a year previously (down 0.1 per cent ), standing at €812, according to the latest report published by Ireland’s property website, Daft.ie However in Mayo, rents in early 2012 were 3.9 per cent lower than a year previously, with the average rent now at €557, a fall of 22 per cent from the peak. In Connacht overall rents fell by 1.5 per cent in the first three months of 2012.
Barry O'Leary, chief executive of the IDA, said: “While there is concern among some property owners that rents and prices have not returned to boom levels, the market emerging from the economic crash appears more sustainable, which is something the IDA would always welcome.”
This national average hides different trends in Dublin and Cork compared to the rest of the country. Dublin rents in the first three months of 2012 were 1.2 per cent higher than a year previously, with city centre rents up 2.1 per cent, while in Cork, city rents are 5.5 per cent higher. Rents in Galway city are largely stable (down 0.4 per cent ), while in Limerick and Waterford cities, rents fell by 1.7 per cent and 3.6 per cent respectively. Elsewhere in the country, rents fell by an average of 2.1 per cent.
Ronan Lyons, economist at Daft.ie, said: “There is now a clear difference in rental trends between the major urban centres, reflecting greater demand for living near cities, which are home to most new jobs, and also reflects supply factors. The number of properties available to rent in larger cities is falling, with 13 per cent fewer properties available to rent in Dublin now than a year ago.”
The full report is available from www.daft.ie/report