Rents nationwide continue to surge, hit another record high

Michael D’Arcy

Michael D’Arcy

Galway are now €767, which is a year-on-year increase of 14.1%, while in the city, the average rent is €1,09 - a 12.4% rise.

It means that rents have now hit a new record high for the seventh quarter in a row.

The figures are based on asking rents for properties advertised to let on and you can see the average price of rent in your county along with a price comparison with the 2016 figure on the map below.

"Tenants can not be expected to "police" this private market when they are clearly at such a huge disadvantage with continuously diminishing supply and rising prices".

Commenting on the report, Ronan Lyons, economist at Trinity College Dublin and author of the Daft Report, said: "2017 marks the fourth consecutive year of double-digit gains in rents nationwide".

Looking for "silver linings", Mr Lyons said that the rate of inflation was slightly lower than the previous year, and that the rate of commencements of new builds was up on where it was a year or two ago.

"Rent Pressure Zones and other measures can not work without proper monitoring and enforcement by the Residential Tenancies Board", they said.

Nationwide, the average monthly rent was €1,227 and the number of properties available to rent slipped to 3,143, the lowest since records began, according to the latest Daft rental report. Room rates in the capital are also on the rise - up by as much as 8.4 per cent in south Dublin - to €569.

Rest of the country: €860, up 9.8%.

Nationwide, rents rose by an average of 10.4 per cent in the year to December 2017.

Rents increased by more than double the 4 per cent cap set by the government in areas of high demand.

The Simon Communities in Ireland said the figures showed that the private rental market remains unable to cope with demand.

The other highest rents outside of Dublin were in Wicklow (€1,256) and Kildare (€1,212).

The survey also shows that it is now cheaper to buy, rather than rent, a one-bedroom apartment across Dublin, Cork, Galway, Limerick and Waterford.

In Dublin, there were fewer than 1,350 homes available to rent, compared with nearly 6,700 on the same date in 2009.

When it comes to a three-bedroom house, however, while it's still cheaper to buy rather than rent in most locations, in south Dublin the typical rent (€2,065), is actually cheaper than a mortgage (€2,127).