Rental prices bounce back

RENTAL properties in Cork have begun to bounce back after a slowdown during 2004, according to a survey by a leading online accommodation agency.

Daft.ie, whose website receives more than 500,000 visits every month, said rents in the Cork region had regained the slippage seen last year, when rents tumbled as more units came on stream than was necessary to meet demand.

Cork landlords advertising through Daft charged an average of €840 for a two-bed property last month. The average cost of a two-bed property had slipped below the €800 mark during the year and had been as high as €844 for vacant units advertised in December 2003.

Three-bed properties were on offer last month for an average of €892, an increase of 0.5% year-on-year. Daft.ie director Brian Fallon said Cork three-beds had been “fairly static” over the past three months.

The company also said Cork rents were substantially below level enjoyed by Dublin landlords. One-bed properties were 25% cheaper in Cork, at an average price during 2004 of €636.

Two-bed properties were 30% cheaper in Cork, while three-bed houses and apartments were 35% cheaper.

Mr Fallon said landlords in Cork and Galway were having more trouble than those in Dublin in filling vacant rental units. On average, Dublin landlords succeeded in filling their properties within 17 days of placing an ad, but this figure rose to 20 days in Cork and 21 days in Galway.

The company also said Dublin had begun to show signs of recovery after three years of sliding rents. Prices charged last month were 3% higher than in January 2004, but this was the first positive sign in the Dublin market since early 2003.

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