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THE NATION’S STOCK of available rental properties has reached its lowest point since at least the start of 2006, according to the latest figures from Daft.ie.
And that severe lack of available homes for renters is continuing to drive up prices, further stretching household budgets across the country.
The latest Daft rental report, released today, showed there were only 4,340 homes listed for rent at the start of May – the smallest number since the property site started pulling together figures almost a decade ago.
That compares to about 7,200, or 66% more, available at the same time last year and a peak of almost 24,000 after the property bubble burst in mid-2009.
The rental market squeeze has pushed up prices 8.2% nationwide for the past year to an average of €960 a month in the most-recent quarter.
The biggest rises over the past 12 months have come in the commuter counties around Dublin as people get pushed out of the capital, where the average rent now stands at €1358 per month.
Prices have gone up in every county in the country compared to a year ago. This map shows the changes and the new average rents:
Click here for a larger version
Deceptive slow-down
While the pace of rent rises has started to ease from the double-digit increases of last year, the report’s author, economist Ronan Lyons, told TheJournal.ie that slow-down was “a bit deceptive” because of what was happening in and around the capital.
The average rent in Dublin went up only €8 per month over the last quarter for an annualised increase of 8.2%, compared to nearly double that figure in surrounding areas.
Click here for a larger version
“That easing off of inflation (in Dublin) drags down the national figure – elsewhere in the country though, particularly in the commuter counties, inflation in rents has actually picked up,” Lyons said.
At some point you can’t devote more and more of your income to paying for rent because you have other things you have to pay for so what we will see is people paying through (travel) time.”
He said while a decade ago people were buying properties in commuter counties with a view to moving to Dublin in the future, many were now only able to rent in the same regions.
The underlying reason for the rent rises in and around the capital was the chronic lack of new building, which Lyons said came back to the high cost of construction.
And other cities
In the other cities, rents were also rising but at more manageable rates. Cork was the next most-expensive major centre in which to rent a home with an average price of €911.
Click here for a larger version
Waterford remained the cheapest city with an average price of €634 – less than half the average rate in Dublin.
You can hear more about Lyons’ findings on and predictions for the rental market in this video:
Note: Journal Media Ltd has shareholders in common with Daft.ie publisher Distilled Media Group.
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Ahhh here leave it out.. what about the words of wisdom from Michelle with regards to the bravery awards to the garda. Priceless, just priceless. Any chance of having a Saturday/Sunday morning Darwin post of the week where a stupid comment (not a troll) acts as an application form or would this be seen as bullying :(
I agree, Michelle was outstanding!
Michelle was just the tonic for a bad week.
It’s a long time since I had such a laugh Michelle .
Thanks.
I was hoping her comment was here to.. really injoyed the replies she got.. made my day so she did..
I understand her initial comment was somewhat comical to read but what wasn’t comical was when no less than 20 users began berating her with varying degrees of snide remarks. I also understand that she retaliated in a poor manner… But like the saying, what do you expect from a badger if you back it into a corner? The comments section was something you could expect on a YouTube thread but I was disgusted to see such a personal attack with ‘crowd mentality’ against a single person…. But hey, it was all in the name of fun I guess so who cares? I do.
@ harry, i completely agree with you. I don’t agree with Michelle’s opinion but it was just that, her opinion. From the moment she posted her opinion she was met with a barrage of abuse, calling her a moron, retarded, dumb, half brained….. She actually tried to explain herself and her opinion 3 or 4 times before she resorted to petty insults. It’s pretty concerning that most of the so called “intelligent” posters felt the need to instantly react to her comment with childish name calling. Pot, kettle, black I think!
I was surprised at how quickly a usually fairly intelligent forum for debating current events descended into something that seemed more like a primary school yard. I don’t mean to be condescending but who knows if she has learning issues or otherwise, maybe she has none but it still doesn’t excuse the behaviour of a supposedly civilised society.
I laughed out loud may have given her a red thumb but didn’t partake in the crude comments, don’t like the mob mentally of bullying but her first few comments were priceless till people posted with venom.
And it’s true what they say about bullies being cowards when you look at the sudo names used.
Which article? I’m intrigued!
Promise to be nice and no name calling,
http://www.thejournal.ie/seven-gardai-honoured-medals-bravery-672775-Nov2012/
Just read that thread re the gardai and the comments that followed..looks like some have been deleted already.. What id like to know is why the whole thread hasnt been taken down? Its an absolute disgrace particularly when you take into account the recent stories regarding cyberbullying etc. There was little or no debate in relation to the content of the story, the comments reduced to total and utter personal abuse. how anyone could have enjoyed reading it is astounding.
Katie Does, brilliant comment.
Big time…but the Opus Dei dinosaurs are still trampling.
I did not post twice , I swear!
I’d like to thank my mom and dad and my brothers and me dog and my producer and anyone who knows me , thank you so much …..sob ..;)
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