Report: Monthly rents fall by €160 in a year

AVERAGE monthly rents have fallen by €160 over the past 12 months as the recession continues to drive a downward spiral in the property market.

Rents have fallen more than 5% in the first three months of 2009, according to the latest report on the Irish rental market by property website, Daft.ie

The decline is even more pronounced in the major cities, especially Dublin and Limerick, where rents have fallen by 6.5% since the start of the year. Rents in Cork have declined by 5.1% and in Waterford by 5.3% over the same period.