RENTS IN DUBLIN are between 30-40% higher than they were four years ago – and the rest of the country isn’t faring much better.
The Daft.ie Rental report was released this week and its findings are fairly bleak all round.
A big part of the problem is there just aren’t available properties to rent. There were just under 1,000 homes to rent in Leinster (outside Dublin) on 1 August, down from 6,000 a little over five years ago.
Of course, the poor students are going to have a hard time finding anywhere to rent so close to college starting again. Economist Ronan Lyons, author of the report says,
Students are always going to suffer a bit more because they don’t have high incomes.”
While it’s no surprise to find rents on the rise in Dublin, the biggest rental jump is actually in Limerick – with rents increasing by over 24% for a single bed in the last 12 months.
In Galway, rents are higher than at any period between 2006-2008 and most parts of Connacht saw a 2-3% increase in rents in the last 3 months.
In Cork city, rents are up 10%, with the rest of Munster up between 9 and 24.5% from four years ago.
There may be the the tiniest of silver linings thought if you already own a house – you can avail yourself of a €12,000 tax incentive to rent a room out and simultaneously help with the student accommodation crisis – particularly if you live near a university.
Or, if you fancy living in Waterford, you’re in luck – it’s the only place in the country where the cost of a room rental dropped during this period.
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