Rent costs still falling but at a slower rate

THE cost of renting residential property continues to drop but the rate at which prices are falling is the slowest in two years, according to the latest market analysis.

A report published yesterday by property website daft.ie found the typical rent nationwide is €835, down from €900 in July last year. The report found the average rent during the second quarter of 2010 was almost one percentage point lower than the first quarter when rents were largely static, falling by just 0.4%.

The good news for tenants is that rents are almost 27% cheaper than peak price levels, while landlords can take comfort from the knowledge that the number of rental units on the market has begun to drop off.