Rents hit lowest level in two years

RENTS have fallen to their lowest level in more than two years as the number of vacant properties continues to grow.

The latest report from property website Daft.ie found rents have dropped by 3% on average over the past three months as the market has been flooded with properties to let. It equates to an average reduction in monthly rents of €20.

Daft.ie has estimated the number of properties available to rent nationally has risen to more than 18,000 units — a 133% increase on the same period last year.