RENTAL PRICES IN Ireland were 0.5 per cent lower nationwide in Q2 2012 than for the same period of last year, according to the latest rental report from property website Daft.ie.

Over the past year, rents have continued to rise in Dublin and Cork, but have fallen elsewhere.

Since Q2 2011, rents are up 2 per cent in Dublin, up 1.7 per cent in Cork and 0.2 per cent higher in Galway. Rents fell by 4.5 per cent in Waterford and 0.9 per cent in Limerick cities.

Meanwhile, outside the cities, rents have fallen by between 1.3 per cent and 3.5 per cent in the year between the second quarter of 2011 and 2012.

The report’s author Ronan Lyons says that the number of available rental properties continues to fall.

“This is the third summer in a row where there were fewer properties available to rent nationwide at any one time,” he said. “This is particularly the case in Dublin, which means that some propective tenants may find that they have to live further out than expected.”

Overall, there were 12 per cent fewer properties available to rent on 1 August than last year.

Image: Daft.ie

Students

Commenting on the Daft.ie rental report, USI president John Logue said that while rental options and prices for students have improved since the recession began, this data “shows a more nuanced rent market than we have seen in some years”.

The narrative of this Daft.ie Quarterly Report is one that mirrors the growing disparity between the economic situation in rural and large urban areas,” Logue said. “While rent prices have leveled off and, indeed, are increasing marginally in large urban areas, rural areas are still experiencing falling rent prices, albeit at a more modest rate than in previous years.”

“However, rents in Dublin are still down 25 per from their peak in 2007, meaning students now are still at a significant advantage to their beleaguered boom-time peers.”

Logue’s commentary on the rental report also offers advice to students who are currently seeking accommodation, including to ensure that their landlord is registered with the PRTB and that tax relief can be claimed on rent.

Graph: Daft.ie

Disclosure: Daft.ie is part of the Distilled Media Group.Journal Media Ltd has shareholders – Brian and Eamonn Fallon – in common with Distilled Media Group.