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RENT IN DUBLIN is up by 16.6% this year, a report carried out by property website Daft.ie has found.
The company’s Rental Report for the third quarter of 2014 found that average rent in the capital rose to €1,372 per month.
Demand is still outstripping supply, with less than 27,000 properties available to rent in Dublin in the first nine months of this year, compared to over 47,000 in the same period in 2011.
Nationally, rent increased by over 11% in the space of 12 months with the national average rent now €933 compared to €842 a year previously.
In the other city centres, rents continue to climb. Waterford experienced an annual rise of 5%, Limerick 6%, Galway 7% and Cork 8%. Most of Dublin’s neighbouring counties also continue to see double digit inflation with Meath witnessing growth of 11%, Wicklow 13% and Kildare 14%.
The number of properties available to rent has continued to plummet. On 1 November, 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.
Year-on-year change in rents in major cities during the third quarter of 2014:
Rents continued to rise throughout the country between August and October, according to the figures published in the report. Over the last two years, the average rent nationwide has risen by almost €150, from €790 a month to €933.
That national trend is being driven by Dublin, where rents are up an average of €300 a month since 2012.
Lyons noted that the latest figures show that rental inflation outside the cities is above what might be considered a healthy rate, in line with the rest of the economy.
While prices in the rest of the economy were roughly flat in the year to October, rent inflation stayed above 10%. A small easing in Dublin inflation – from 15.6% to 14.5% – was offset by an increase in inflation outside of the capital, up from 5.7% to 6.6%.
In Dublin, rents are now almost 30% above their lowest point in 2012 and less than 10% below their 2007 peaks.
Lyons said that this is “very damaging for Dublin’s competitiveness as a location for foreign direct investment”.
“The goal of housing policy should be to ensure that, regardless of whether it’s to rent or to buy, rural or urban, housing is abundant and affordable,” he added.
Journal Media Ltd has shareholders – Brian and Eamonn Fallon – in common with Distilled Media Group.
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We can’t police our streets as it is at the moment. How on earth are they going to police public transport? We need an American style type of policing, three strikes and you’re done. We also need our judiciary system to up their game and hand down harder penalties and to stick to them. That way our streets and transport will be more safer.
@Brian k.: the jails are full and they haven’t opened a new one since 1989. No point in increasing police numbers until that is sorted.
@Brian k.: We absolutely do NOT need the American model of anything, especially policing. It’s been shown time and time and time again to be biased and ineffective. All it does is increase the numbers of disadvantaged people in the prison-industrial complex, which is exactly what it’s supposed to do. Updated slavery by another name. We’re better than that
@Brian k.: three strikes is proven not to be a deterrent and is proven to increase violence among offenders. It doesn’t work.
@Paul C: We have to start somewhere. Currently we have repeat offenders with 100+ convictions and no sign of them reforming.
@John Fahy: The midlands prison opened in 2000. I agree with your point that more prison space is urgently needed.
@John Fahy: start executing some of the serial offenders with 500 previous convictions would soon clear out the prisons. No loss to society.
@Brian k.: What’s your goal, to punish those who commit crime or reduce crime overall? If it’s the latter, the US model has shown harsher sentences and prison conditions don’t achieve this
@Brian k.: American style policing, what just shoot everybody who you perceive as a threat. Believe you me American style policing is the last thing we need in this country.
@Brian k.: imagine a public transport police somewhere in another Eu country. Crazy how Ireland is being crazily mismanaged by the government and how baffling how there is absolutely 0 accountability for it.
@Brian k.: are you going to pay the massive tax hike to facilitate the building of more prisons, courts, and hiring of more staff at every level of the justice system to facilitate this? America is more dangerous than it’s ever been and mass incarceration is not a deterrent.
@John Fahy: exactly, and worse part is that over 20million Euro was spent buying a site for a prison and it’s costing thousands more to secure it now and not a block or foundation dug..
@John Fahy: That’s correct. We need a lot more prisons to be built.
@Dave G Doe: very good point!
@John Fahy: Helen mcentee was looking at potential a few years ago. Nothing happened, no surprise there then.
@Paul C: Woke people believe that if they say something, then it is so!
Only one way for the Government to take back control of our streets and that is to hit offenders where it hurts.
Take away their freedom and hit them in the pocket by making deductions from bank accounts or social welfare payments to ensure that fines are paid.
Start by sacking every judges in the country. Most of them haven’t a clue. Giving out suspended sentences for paedophiles like it’s no bother at all
@reg morrisey:
Judge Nolan should be up the first one there.
If they were serious about tackling crime and marking those responsible accountable then hit offenders in the pocket. Increase court fines and take it from their dole (yes most offenders do not work!) and not in lots of small instalments. If they’re fined €500, take €50 a week for 10 weeks. If teenage thugs under 18 are convicted, take it from their parents children’s allowance. Nothing else works, there are no prison places and community service etc doesn’t work. Mandatory fines taken from your pay for dole will make many of them think twice before committing crimes.
Once they keep the Luas Green for members of better stock and no North or West Side Skangers on it.
Eight thousand soldiers sitting on their holes, why not use them, the French do
Like everything in Ireland I don’t think any of the 4 .5 % reduction will be seen by the consumer…
Ah I see the usual sock puppets are heavily active on this thread cheering each other on with their usual hang’em high cow feces
How about we focus on actually sentencing people properly first? There’s no point hiring “transport police” when we can’t even police the main streets in the city centre. Even if we did hire these “transport release”, unless we fix our sentencing laws it’s still just going to be more catch and release for the criminals. There is no reason why the Dáil can’t pass a bill which mandates that the government has to build at least 5 new prisons in the next 10 years on state-owned land. We also need to introduce mandatory minimums for all crimes and make sure that a life sentence means exactly that – a life sentence. You’re not released after 18 years and no chance of getting early parole. We also need a three-strikes rule with a minimum 25 year sentence for those who break it.
Lol! So a new ‘Dublin’ police force then?
The NTA and TFI are not fit for purpose, bring back the carriage office and let them police all public transport services including taxis, the amount of illegal/undocumented taxis on the road is unbelievable
Gardai can’t cope with current level of antisocial behaviour. Judicial system is broken with repeat offenders having no incentive to desist.
Now a new type of garda with different level of authority and can only operate in certain environments and likely will have to hand over detainee to a garda anyway. Recipie for inefficiency.
Will believe it when l see it
If men were just men again it be grand. Telling ye, a few pud mouths wrecking my head and illnjust drag them off at the next stop. I was born in the 90s but I know this was how it was done in the 70s
would they fine their recurrent traffic offenders and report those rude drivers who deliberately miss their bus stops ?
…
Can’t recruit gardai naval personal army airport and now they want transport police lol
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