Cork city is now the rent inflation capital of Ireland, after monthly rent rates soared by 18% in a year.
Rents in the city have increased for the fourth quarter in a row to give Cork the unenviable title of having the highest rate of rental inflation in the country.
The latest figures from Daft.ie show the average monthly rent in the university city is now €1,051, a 4.7% increase on the last quarter and an 18.2% hike since this time last year.
But the figures also show Cork rents have risen by almost 50% since their lowest point and are now 4% higher than their previous peak in 2008.
The latest Daft.ie figures also show there were fewer than 800 homes available to rent in Munster on August 1, down 200 on the same date a year earlier.
The figures, published last night, show nationwide, rent rates have hit pre-Celtic Tiger levels with the average monthly rent now standing at €1,037, but with just 3,600 homes to rent nationwide on August 1, 1,000 fewer than the same date last year.
The average rent has risen by 39.7% since bottoming out in late 2011 and has, for the first time, exceeded its 2008 peak by 0.8%.
Rents in Dublin 4 and 14 are now, on average, nearly 10% higher than the previous peak in rents in late 2007 or early 2008, with just over 1,400 homes available to rent in the region on August 1, down nearly 350 on the same date last year.
The situation is mirrored in Galway city, another university city, where rents are now almost 42% above their lowest point and 10% above their previous peak in 2008, with fewer than 650 homes on the market. Rents are up just over 15% in Limerick since the same time last year, and up by just over 13% in Waterford.
Conor Viscardi, the president of UCD students’ union, and Kieran McNulty, the president of TCD’s students’ union, both called on homeowners to consider letting out vacant rooms as digs.
“The class of 2016 are really stuck between a rock and a hard place,” they said.
“ In the private rental sector right now, it’s unlikely they’ll get a viewing, let alone a lease.”
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