Ireland: Rents have increased 13.7% in one year
Dublin: It has been found that rents in Ireland are increasing. According to Daft’s most recent rental reports, rents in the last three months of last year were 13.7% higher on average than the same period in 2021.
Between October and December, the average market rent was €1,733 per month, up 2.7% from the third quarter of the year and 126% higher than the previous decade’s rental rate.
According to the report, all parts of the country are experiencing “significant” annual increases in open market rents, and rental housing availability is at an all-time low.
Dublin saw a 13.1% increase in rent, while Cork saw a 14.9% increase. The increase in Limerick ranged from 18.9% to 20.2% in Waterford. The average annual increase in market rents outside of cities was 13.6%.
The main reason for the continuous rise in rents is a severe shortage of housing, including rental houses.
Figures for February 1 showed 1,096 homes available for rent nationally, 20% less than the same date a year ago and a quarter below the average level of availability for 2015-2019.
The study also found that rents paid by sitting tenants increased by an average of 3.8% over the past 12 months.
The report warns that the price of homes for sale and rent is not falling, and the government is facing an unmanageable challenge to deal with the housing shortage.
The scale of the problem has worsened in recent years due to a construction slowdown during the pandemic, a rise in the cost of goods due to inflation, and an increase in the number of refugees arriving in Ireland.
Irish Samachar English News
Kindly click the link below to join WhatsApp group chat to get important news and breaking news from Irish Samachar.
Comments are closed.