The latest rental report shows that asking rents for properties on the open market continue to rise across the country, but growth is slowing in Dublin, reports RTE.
Open market rents are now 8% higher than a year ago, and the average market rent in the country was just under €1,825 per month in the third quarter.
This is almost two and a half times higher than the average rent of €765 per month at the market’s lowest point in late 2011.
The report showed that the growth rate was 1.8 per cent in the three months to the end of September.
However, there is disparity across markets, with marked differences in trends for the third consecutive quarter in the capital and elsewhere, reports RTE.
In the Dublin market, rents have increased by just 0.4% quarter on quarter and 1.3% since the start of this year.
Outside the capital, average growth from June to September was 3%, and rents are now 9% higher than at the start of the year.
Four major cities outside Dublin – Cork, Limerick, Galway and Waterford – saw significant growth of at least 5% quarter-on-quarter.
Outside the cities, quarterly growth ranged from 1.8% in Leinster to 3% in Munster.
There have been changes from various trends in the availability of apartments for rent, with a clear improvement visible in the capital, reports RTE.
On Nov. 1, about 1,800 homes nationwide were available for rent, down from 1,100 on the same day a year earlier.
More than 600 of the nearly 700 house increases were in Dublin.
“Between 2018 and 2022, a significant pipeline emerged of new rental homes in Dublin. A steady flow of these homes, especially since 2022, has eased the very tight market conditions that had emerged after COVID-19 lockdowns,” Ronan Lyons, Associate Professor of Economics at Trinity College Dublin and author of The Daft.ie report said, reports RTE.
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