""Supply remains tight - and indeed worsening, with one-quarter less homes available to rent on November 1 than a year before. Thus upward pressure on rents is likely to remain," he said. The cost of renting was up by 4.3pc in the year to September due to tight supply, the researchers found. In the three months to September, market rents rose by an average of 1.7pc. Market rents are now one-third higher than their pre-Covid levels."
"The average monthly rent for a two-bedroom apartment nationwide, between June and September, was €2,080. The cost of a two-bed apartment topped €2,000 for first time at the end of last year. It now costs €150 more a month to rent a two-bed apartment than two years ago. There were just over 1,900 homes available to rent nationwide at the start of this month. Daft.ie said this was down 21pc on last year, less than half the average for the period between 2015 and 2019."
"In Cork city, rents are up 9.3pc year-on-year. Galway and Limerick cities have seen rents rise by 6pc, and in Waterford city, rents are up 11.4pc year-on-year. Outside the cities, the rate of inflation is just above 5pc. "This is a market starved of supply. Rents are now one-third higher than they were just over five years ago and indeed two-thirds higher than their Celtic Tiger peak," Prof Lyons said."
Rental costs have increased for 18 consecutive quarters. Market rents rose 1.7% in the three months to September and 4.3% year-on-year to September. Market rents are one-third above pre-Covid levels and two-thirds above the Celtic Tiger peak in 2007. The average two-bedroom rent nationwide was €2,080 between June and September, €150 higher than two years earlier. Available rental listings fell to about 1,900 homes at the start of the month, down 21% year-on-year and less than half the 2015–2019 average. Dublin rental stock declined nearly one-third while several regional cities saw stronger annual increases.
Read at Irish Independent
Unable to calculate read time
Collection
[
|
...
]