Cork rents jump 2.3% in three months

Average rents across Cork city and county have increased by 2.3% in the last three months.

The latest figures from the rent index published by the Private Residential Tenancies Board show the average monthly rent in Cork is now just over €770 — an increase of €17 over the previous quarter.

Average rents in Cork had stayed largely static for most of 2014 but have shown signs of strong growth since the summer.

The average increase in Cork’s rental market over the past year is also 2.3%, although average rents are down by 19% since a peak in 2007.

Rents in Cork City are up by 2.2% or €19 since June to €849. However, the rental market in the city has been sluggish over the past 12 months with rents only increasing by 1.5% over the period.

The cost of rental properties in Cork City has now fallen by 18% since 2007 when average rents stood at €1,035 per month.

The index, which provides detail on rents in more than 40 towns across Cork, shows landlords in Bishopstown can command the highest rents in the county with average monthly rents of €962.

However, average rents in Bishopstown have bucked the overall trend by actually falling slightly in the past three months.

Other areas which command average monthly rents in excess of €900 are Rochestown, Frankfield, and Douglas.

The cheapest rents are found in Kanturk, where the average rent now stands at €474 per month. Rental properties in Skibbereen and Millstreet also command average rents below €500.

Bandon has witnessed the sharpest rise in rental prices with tenants seeing average monthly rents in the town rise by 7.5% in the latest quarter — up €47 to €676.

Rents in Kanturk, Passage West, and Rathcormac have jumped by more than 5% in the past three months.

In contrast, slight falls in average rents have been recorded in Millstreet, Skibbereen, Tivoli, Mitchelstown, Castlemartyr, and Blackrock since the summer.

Compared to last year, tenants in Crosshaven have experienced the biggest price hike with rents up 9.4%, or €69 per month. Rents in Tower, Rathcormac, and Montenotte are up over 8% on an annual basis.

However, rents in Tivoli are down more than 6% compared to last year. Other areas where rents have fallen over the past 12 months include Charleville, Dunmanway, and Youghal.

The rent index is compiled from data on over 300,500 tenancies across Ireland registered with the PRTB. Overall, rents across the country continued to increase in the latest quarter, but the pace of growth has moderated.

Nationally, rents rose by 2.3% in the last quarter with rents for houses up 3% and apartments up by 1.5%.

Rents in Dublin also grew by 2.3%, while rents outside the capital went up marginally higher at 2.5%.

Compared to the same quarter in 2013, rents across Ireland have risen 5.6% in the past 12 months — up from €790 to €835 per month.

Rents in Dublin rose 9.5% or €103 over the period but the rental market outside Dublin was more subdued with growth of 3.8% recorded — up €24 to €655.

Minister for Social Protection Joan Burton has ruled out introducing rent controls to address the problem