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Dublin rents continue to rise, rental properties fall - Daft.ie

The latest Daft.ie rent report shows that the average rent nationwide is now €820, which is 0.8 per cent higher than a year previously.

A NEW REPORT shows that the average rent in Dublin has increased – but the number of rental properties in the capital is down.

According to the latest report published by Ireland’s biggest property website, Daft.ie, the average rent has increased by 2.8 per cent since the same period last year. At the same time, the number of rental properties available in the capital is down 70 per cent from the peak in 2009.

The report also shows that the average rent nationwide is now €820, which is 0.8 per cent higher than a year previously.

Around Ireland, the performance of rents in the other major cities varied. Galway experienced a 2.2 per cent rise over the last twelve months, while Cork remaining largely stable (-0.4 per cent) and Limerick and Waterford experienced 2.2 per cent and 4.0 per cent falls respectively.

Rents outside the main cities rose 1 per cent in the third quarter of 2012, but remain 1.5 per cent lower than a year previously.

Image: Daft.ie

Dr Lorcan Sirr, Lecturer in Housing, DIT said that the numbers of individuals and families renting has “rocketed” in the last five years.

He added:

Across Ireland, about 29 per cent of all people now rent, with 18.5 per cent renting from the private sector.  This is roughly the same level as in the mid-1950s.  But what is more interesting is the speed of change: numbers renting in the private sector have increased by 86 per cent since 2006.

Sirr’s commentary on the report also shows that the Irish landlord market is an ‘amateur’ one, with the average one having between 1.6 – 2.1 properties, depending on which figures are used. He says that the rental market is changing, and changing rapidly, so both the Residential Tenancies At 2004 and landlords are going to have to adapt if they want to capture what the market has on offer.

Ronan Lyons, Economist at Daft.ie, said that the report shows continued falls in the available number of rental properties nationwide, but most significantly in Dublin.

“There are now fewer properties on the market than at any point since early 2007, when there were significantly fewer people renting,” he added.

After close to two years of static prices in the capital, this change in supply appears to be impacting rents in Dublin, which have risen just ahead of inflation over the last two years.

Year-on-year change in rents – major cities, Q3 2012

  • Dublin: €1,017, up 2.8 per cent
  • Cork: €867, down 0.4 per cent
  • Galway: €791, up 2.2 per cent
  • Limerick: €680, down 2.2 per cent
  • Waterford: €624, down 4.0 per cent

Image: Daft.ie

The full report is available from Daft.ie.

Disclosure: Daft.ie’s publisher Daft Media Ltd is a member of the Distilled Media Group. Journal Media Ltd has shareholders – Brian and Eamonn Fallon – in common with Distilled Media Group.

Read: Price index shows property prices have stabilised – Daft.ie>

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32 Comments
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    Mute Martin Flood
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    Jan 22nd 2017, 12:08 PM

    Garden looks a bit naff.

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    Mute Fiona Fitzgerald
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    Jan 22nd 2017, 12:23 PM

    It does, it’s disappointing to look at. Bland, vacant & overlooked, it’s exposed and seems to lack seating and focus.

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    Mute Mark Kenny
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    Jan 22nd 2017, 12:30 PM

    Yes I agree it’s overlooked to look at

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    Mute Joseph Siddall
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    Jan 22nd 2017, 12:46 PM

    Fiona, courtyard gardens, indeed courtyards, do tend to be overlooked. Pretty much unavoidable. Just what a private outdoor pool is for, in a New York winter, is another matter. Oh, of course, a demonstration of wealth.

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    Mute Paul Doyle
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    Jan 22nd 2017, 12:53 PM

    Their not safe from the paparazzi drones on that balcony haha

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    Mute scoop delivery
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    Jan 22nd 2017, 2:19 PM

    @Joseph Siddall: Have to seen a new york summer ? you would be crying for the swimming pool.

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    Mute Mike Dowling
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    Jan 22nd 2017, 1:32 PM

    A news article about a “paparazzi proof building”. Does anyone see the ironry in this ?

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    Mute Dave McCrea
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    Jan 23rd 2017, 1:57 AM

    @Mike Dowling: haha true, it even lists the street address

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    Mute Leitrim303
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    Jan 22nd 2017, 12:55 PM

    best bit is the carpark

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    Mute Eugene Walsh
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    Jan 22nd 2017, 12:49 PM

    That graden looks asylum ish. What a sterile block of sterility

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    Mute saoirse janneau
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    Jan 22nd 2017, 5:15 PM

    Its a great location. Near the river and overlooking ellis island. No skyscrapers in greenwich so i bet some of those penthouses have spectacular views and river breezes. Wow. A stones throw from east village too. Manhatten is crazy now. Min price anywhere is 1 million dollars.

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    Mute gregory
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    Jan 22nd 2017, 7:06 PM

    Disgusting how unequal society that is. Just fat cat Wall St. Dudes and Gals can afford that but it’s not right

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