Residential rental market stabilises

FURTHER stabilisation in Ireland’s residential rental market was seen in the third quarter, with the average rent price standing at €840, or half a percent higher than the preceding three-month period.

The latest quarterly data – from online property specialist, Daft.ie – suggests that the settling of the rental market is being driven by urban areas (with strong rises seen in Galway, Cork, Limerick, Waterford and Dublin) and is being viewed as a sign of wider economic growth.

“The first sign that the wider economy is beginning to turn will be a move towards rising rents. As of today, it is clear that rents have stabilised,” according to John FitzGerald of the Economic and Social Research Institute (ESRI).