According to Daft’s most recent rental report, rents increased by an average of almost 7% during the third quarter of this year when compared to the same period last year, reports Breaking News.
In the third quarter of 2024, market rents increased by an average of 1.7% over the preceding quarter, according to the research.
This is the fifteenth straight quarter that rentals have gone up throughout the country, reports Breaking News.
In the third quarter, the average monthly open-market rent across the country was €1,955, which was 43% more than it was prior to the Covid-19 outbreak and 7.7% higher year over year.
In recent months, Dublin’s market rent inflation has quickened, approaching rates observed across the nation.
Rents increased by 5.2% in the capital during the second quarter of this year compared to the same period last year, while they increased by an average of 8.9% nationwide, reports Breaking News.
In Limerick City, market rents increased by 19% year over year, whereas in Cork and Galway, they increased by little more than 10%.
Outside of cities, rents rose 8.3% annually, while in Waterford City, they increased 5.8%.
Outside of the cities, the average growth rate was comparable, ranging from 9.3% in Munster to 10.5% in Connacht-Ulster, reports Breaking News.
As has been the case for many years, the research demonstrates that rental market availability is still quite limited.
Just over 2,400 rental properties were available nationwide on November 1st, a 14% decrease from the same day the previous year and significantly less than the almost 4,400 average for 2015–2019.
According to Ronan Lyons, an economist at Trinity College Dublin who wrote the paper, upward pressure is once again increasing in Dublin, reports Breaking News.
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