New research shows rent is at an all time high in Dublin (again)

Elias Hubbard
November 14, 2017

According to the Daft.ie report, there were just 251 houses available for rent between Limerick, Cork, Waterford and Galway on November 1 - compared to 420 on the same day past year.

According to the latest report from property website daft.ie, the average rent in Galway in the third quarter of this year is 1 thousand and 57 euro.

The new rent figures come as the ESRI predict that house prices could rise by up to 20 per cent by 2020 if the rate of supply does not increase.

In Cork, rents rose by 5.3% in the year to September, while in Galway, rents were 9.8% higher than a year previously.

Threshold chief executive John-Mark McCafferty said house price rises and soaring rents "absolutely" created the potential for a flawless storm where even more people struggled to access the property market through buying or renting.

There were 3,365 properties available to rent countrywide on 1 November, which is the lowest number ever recorded for this time of year since the series started in 2006 and the total marks a 16% decrease on the same number a year previously.

Ronan Lyons, Assistant Professor in Economics at Trinity College and Daft.ie economist, said there was no sign of rents easing.

He said: "We don't have any shortage of a family home, the problem is that the country is missing close to half a million apartments".

Mr Lyons also says there is a chronic shortage of homes available to rent.

"There isn't a single part of the country where rents are increasing at less than 4% a year, which is what the rent pressure zones are created to do", he said.

Other reports by Click Lancashire

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