Dublin Sees Marginal Dip in Prices Amidst National Rental Surge….
Dublin: A recent study reveals a marginal uptick in national rental rates in Ireland, although Dublin bucks this trend with a continued slowdown in the rate of increase. Nationally, rents have surged by 8% over the past year, reaching an average of €1,825 per month in the third quarter—almost two and a half times the €765 average at the close of 2011.
In the three months leading up to September, the national rental rate experienced a 1.8% increase, while Dublin saw a more modest uptick of 1.3% this year. The primary factor driving the nationwide surge is attributed to four major cities outside Dublin—Cork, Limerick, Galway, and Waterford—where rents spiked by a minimum of 5%.
Regionally, Leinster witnessed a 1.8% rise, and Munster experienced a 3% increase in rents. Notably, the surge in national rents is counterbalanced by a decline in the rate of increase in Dublin, largely attributed to a boost in the availability of rental properties. On November 1, the national rental market boasted around 1,800 homes for rent, a substantial increase from the less than 1,100 available a year prior. Dublin alone witnessed an addition of over 600 homes to the rental market in November, contributing to a total shift in the rental landscape.
The study forecasts a continued rise in the number of new rental homes in Dublin from 2018 to 2022, highlighting that a more widespread construction of rental housing across the country is imperative for a sustained reduction in rental rates.
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