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MARKET RENTS IN the second quarter of 2023 rose by an average of 2.4% compared to the first three months of the year although Dublin lagged behind the rest of the country, according to the latest Rental Report by Daft.ie.
Compared to a year ago, rents in the open-market are now 10.7% higher, with the average market rent nationwide in the second quarter just under €1,800 per month.
This compares to €1,387 in the first quarter of 2020 and a low of just €765 per month seen in late 2011.
There was a noticeable difference between trends in Dublin and elsewhere in the second quarter.
In the capital, market rents rose by just 0.3% quarter-on-quarter – the second quarter in a row of muted increases.
However, outside Dublin, the average increase between March and June was 4.3%, the second largest quarterly increase recorded outside the capital since the start of the Daft Report in 2006.
Having fallen in the first quarter, market rents rose in each of the other main cities – Cork, Limerick, Galway and Waterford.
Average rents in Dublin were €2,344, which is 59.8% of the national median monthly income
This average is an 8.0% year-on-year increase from Q2 2022.
This compared to Cork city’s average of €1,793 (45.77% of the national median monthly income) which was up 7.4% from the previous year.
Rents have increased in Galway city by 12.2% to an average of €1,867 (47.66% of the median monthly income), while rents in Limerick were at an average of €1,738 (44.37% of the median monthly income), up 11.5% from a year before.
The average rent for Waterford city was €1,471, up 12.1%.
The average rent for the rest of the country was €1,431, a 14.1% increase year-on-year.
The report noted that the shortage of rental accommodation continues, although in recent months the number of homes available to rent has increased slightly.
On 1 August, there were fewer than 1,200 homes available to rent nationwide.
This marked an increase of over 460 on the same date last year, but availability remains extremely tight compared to other years.
The level of homes on the market is less than one third of what had been typical in the 2015-2019 period.
While there was an increase in rental prices on the open market, Daft’s survey of tenants showed that, on average, rents paid by sitting tenants have increased by 3.8% over the last twelve months, with bigger percentage increases outside Dublin (4.5%) than in the capital (3.2%).
Commenting on the report, its author Ronan Lyons, Associate Professor in Economics at Trinity College Dublin, said:
“The figures in this latest rental market report indicate something of a split in market conditions.”
“In Dublin, the construction of new rental housing – together perhaps with the effect of layoffs in some larger employers – has led to an easing of pressure in the open market.”
“Conditions remain far from benign for prospective tenants but the mismatch between strong demand and weak supply is not as stark as in recent quarters. Outside the capital, however, the lack of new rental homes means that the imbalance between supply and demand is still there.”
“Indeed, in Connacht-Ulster, rents jumped over 6% in just three months pushing the annual rate of inflation to its highest level ever recorded (21.2%) in a series stretching back to early 2006,” he said.
Reacting to the report, Sinn Féin’s spokesperson on housing and TD for Dublin Mid West, Eoin Ó Broin said:
“Average new rents across the state have increased by almost 11% in the last 12 months.”
“Average new rent state wide is €1800, up 30% since Darragh O’Brien became the Minister for Housing in 2020,” he said.
“Fine Gael have been in Government for 12 years. During that time rents have increased by 155%. Fianna Fáil have been propping Fine Gael up for 7.”
“Since Fianna Fáil Fail have had the housing Ministry rents have increased by 30%. This Government has failed renters.”
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well as long as DOB doesn’t get it,
He may be a friend of DOB, some digging needs to be to be done on this,and not the water meter kind.
Guess who does all the UPC installations
Do you have Sky or UPC. Doesn’t make a difference actually becuase they work for both company’s along with the ESB. Does this mean now that you are going to cut off your electricity becuase of the dreaded Dennis O Briens company works for them.
What’s your point Henry? The man has got his fingers stuck in as many pies as possible. He was deemed corrupt by the Moriarty Tribunal. We are entitled to shout “Stop”.
If Liberty want to buy it, it has to be passed by the regulator but if DOB Wants to buy it, it doesn’t ??
Where does it say that it doesn’t have to be passed to the regulator if INM buys it? Surely that would be MORE likely to happen given INM already own such a large array of media outlets?
Where does it say it does have to be passed.
They bought Tv3 for 265m in 2006. 265 million. LoL.
upc has to have the worst customer service I have ever encountered. they might as well just call over and slap you in tbe face. between 9 and 1 and 1 a d 6 of course
I am sure Denis O’Brien will get first shout as is normal when doing business in Ireland.
Anyone but Dob
all assets should be seized from d o Brien, and he should be banned from this country.
Hope this is the case as DOB also has his eyes set on tv3 also reports are saying
It pays to read the whole article before commenting…
“Meanwhile, Independent News and Media (INM), in which billionaire Denis O’Brien is the biggest shareholder, has also been flagged as a possible TV3 buyer after the company said it planned to spend up to €100 million on acquisitions.
However the media company has since described the move as “highly unlikely” and added there hadn’t been any talks between INM and TV3′s owners.”
If INM have €100m to spend and TV3 was worth €265m in 2006, it seems unlikely they’d be able to afford it?
I can proudly say, I don’t watch anything on that awful channel. TV at its absolute worst.
It’s better than utv
Only slightly. Utv Ireland is terrible though.
Denis O Brien already has too much power
John Malone is as bad as DOB! Why the sudden interest in tv3 you may ask? It’s the only tv station that is not run with a hidden agenda and is not controlled by the powers to be! The main reason TV3 is wanted is because of Vincent Browne! He is outspoken has no axe to grind and puts irish politicians through their paces! The rest of the media are just a front for the government and the powers to be to tell the people only what they need to hear and hide the reality of what is really going on! As I said JM and DOB are of the same breed! Nuff said!!
surely DOB shouldn’t be allowed to acquire this … narrowing competition etc.
Did you read the article? INM are not looking to purchase tv3.
I hope Donald Trump buys it, fires Vincent brown an replaces him with a syndication of Glenn Beck’s show.
Vincent Browne is the single best thing about TV3. He’s rare in Irish journalism in that he treats politicians of all parties (and none) in the same manner.
trump tv. it will just be about barac obama and weather he is an american citizen. right wing news glenn beck the guy who tries to legitimise the war on Palestine. no thank you between thegun loving texas ranger and the zionist. jesus they would do your head in give me Vincent Brown any day of the week no hidden agenda.
Dreadful TV station. Either that or the programmes are not aimed at my geographic. Most people I know don’t watch TV anyway. They are all over the Internet. The television era is coming to an end. The golden age has been way behind us for some time now. All things must pass.
Sell it might get soaps in HD
That sentence makes no sense!
TV3? …is that still on – air? ?
have your say