According to Daft’s most recent rental report, rent increased by an average of more than 7% in the second quarter of this year over the same period last year reports Breaking News.
The survey also reveals that, in comparison to the first few months of the year, market rents increased by an average of 2% in the second quarter of the year.
This is the 45th time in the previous 48 quarters that rentals have climbed nationwide, and it is the 14th straight quarter of this trend.
The average monthly open-market rent in the country during the second quarter of this year was $41,922, which was 4.1% more than it was before to the Covid-19 outbreak and 7.3% more than it was a year earlier, reports Breaking News.
Dublin’s market rents have not increased as much as other parts of the nation.
In the second quarter of this year, rentals increased by 3.5% in the capital compared to the same period last year, while nationwide, rent increases averaged 10.6%.
Although market rents increased by double digits in all three cities—from 13 percent in Galway to 10 percent in Waterford—the increase in Limerick City was the most notable, rising by 21 percent year over year, reports Breaking News.
Outside of the cities, the average growth rate was comparable, ranging from 9.3% in Munster to 10.5% in Connacht-Ulster.
The data indicates that rental market availability is still appropriate, as it has been for the past few years.
“Between mid-2022 and mid-2023, a slow-down in inflation in open-market rents occurred, driven by Dublin and in particular by the construction of significant numbers of new rental homes in the Dublin area,” stated Ronan Lyons, associate professor of economics at Trinity College Dublin and author of the Daft.ie report, reports Breaking News.
“However, as seen by very rates of inflation in market rents in the other cities, this was limited to the capital, where new supply was concentrated. This most recent reports suggests that, even in Dublin, improvement in the availability of rental homes is stalling. Without new rental supply, it is likely that future pressure on rents will be upward, further straining affordability for those on regular incomes. It remains incumbent on policymakers to first develop a thorough understanding of rental supply dynamics and second devise detailed plan on dramatically increasing rental supply, in all major rental markets, over the coming years,” reports Breaking News.
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