Report suggests slight fall in rents for first time since 2012

Report suggests slight fall in rents for first time since 2012

Figures just released show rents have fallen for the first time in more than seven years.

The average national rent is now €1,402 a month, down 0.1% in the final three months of 2019, according to statistics compiled by Daft.ie.

It is still €659 per month higher than the low seen in late 2011.

In Dublin, Cork and Galway cities, rents rose between September and December, while outside the major cities, rents fell on average.

    Average rents, and year-on-year change, 2019 Q4

  • Dublin: €2,052, up 3.5%
  • Cork: €1,386, up 5.5%
  • Galway: €1,309, up 5.6%
  • Limerick: €1,217, up 3.9%
  • Waterford: €1,010, up 4.3%
  • Rest of the country: €993, up 4.6%

Its latest report shows there are 10% more homes available for rent now, compared to a year ago.

There were 3,543 properties available to rent across the country in February 1, up 10 from the 3,216 available on the same date a year ago.

This number is still down 80% from its 2009 peak, according to Daft.ie.

Rents in Dublin have risen by 3.5% in the last year, which is their slowest rate of increase since 2008.

Ronan Lyons, author of the Daft report, said: “With the election of a new government, housing – and in particular the rental sector - are likely to be key parts of the new government’s priorities.

"Despite the desire for a quick fix, such as rent freezes, no such quick fix exists. By worsening insider-outsider dynamics, rent freezes are likely to further harm those most affected by the shortage of accommodation.

"And, if somehow applied to newly-built rental homes, rent controls could prove calamitous for a country that desperately needs new rental homes but has very high construction costs.”

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