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Counter Culture / May 12, 2022

Market rents up 12% as housing supply hits new low

Counter Culture / May 12, 2022

Market rents up 12% as housing supply hits new low

Words: Eva O’Beirne

The supply of available properties slumped to a new low, according to a new report by Daft.ie.

“Things have never been so grim” for prospective tenants,” Daft economist Ronan Lyons said on the report’s findings.

Just 851 homes are available to rent nationally on the website as of May 1 – the lowest number since its series began in 2006.

“As ever, in a rental market dogged by chronic and worsening shortage of homes, the only real solution is to increase the number of homes,” Lyons continued.

“With more pressure from certain quarters to stop new rental homes being built, policymakers must hold their nerve.”

According to Daft, the average monthly rent nationally stood at 1,567 euro in the first quarter of this year, up 11.7 per cent or 160 euro on the same period in 2021.

This was more than 50 per cent higher than the Celtic Tiger peak of 1,030 euro per month, seen in the first quarter of 2008.

Recently, it was revealed by the Rental Tenancies Board that the cost of renting in new tenancies in Dublin is nearly double that of renting outside of the county.

Dublin market rents rose by 10.6 per cent year to an average of 2,102 euro per month, while in Cork and Galway rents rose by 10.2 per cent and 13.8 per cent to an average of 1,607 and 1,585 euro per month.

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