Survey: Rental prices down but it’s still renters’ market

RENTAL prices are falling at a slower pace than this time last year but experts say it’s still a renters’ market.

The latest quarterly Daft.ie survey shows landlords are still struggling and rental income is down 3.1% in Limerick city, 1.2% in Galway and 0.5% in Waterford on the previous quarter.

Overall rents fell by just under half a percent in the first quarter of 2010 and rents are now 25% below peak levels seen in early 2008.

The average rent nationwide now stands at just under €760.

In Cork city the average rent is now €785 which is down almost 12% from a year ago and over 25% from peak. The quarter on quarter change however show rents remained flat.

On average across Munster rents are now €625, or 11.3% lower than a year ago. The quarter-on-quarter change shows rents are down almost 1%.

In Dublin city centre, rents actually rose 1.3% between January and March. The average rent, at €921, is almost 28% below peak. Galway saw rents fall 8% over the last year to €773 while in Waterford rental prices are down 11.2% to €610. In Limerick rents have plunged by almost 13% to €638 in the last year.

Daft.ie economist, Ronan Lyons said: “The signs from the rental market in 2010 point to a market starting to stabilise. Nonetheless, conditions remain fragile, particularly outside Dublin.

“The total stock available to rent has been very high since late 2008 and, after falling back in the second half of 2009, has started rising again.”

The most expensive one-bedroom rents are in Dublin 4, where they average €1,000 a month.

In Cork city the average rent for a single room is €276 and €348 for a double room. Galway is €278 for a single and Limerick, for the same room to rent is €245 per month.