Homes available to rent have halved compared to pre-covid levels, new research shows

On November 1, there were a total of just 1,901 homes for rent countrywide, down 21% on the same date a year previously and less than half (44%) of the 2015-2019 average.

The number of homes available to rent across the country has more than halved compared to pre-pandemic levels, as the cost of renting continues to surge.

The latest Daft.ie report also forecasts pressure on the rental market will not ease anytime soon.

While rents have risen nationally by just over 4% from this time last year, the spike has been 9.3% in Cork City and 11.4% in Waterford.

The hikes have been exacerbated by a fall in the supply of properties and rooms available to rent.

The average monthly rent for a two-bedroom apartment countrywide between June and September was €2,080.

The new figures were revealed just as the Government's new housing plan is being unveiled, with it set to be formally approved by Cabinet on Wednesday before being published on Thursday.

Senior Government sources have sought to play down the plan in recent weeks, saying significant elements have already been announced by housing minister James Browne.

This includes sweeping reforms to rent pressure zones, changes to apartment guidelines, and a slashed VAT rate on the sale of apartments, as unveiled in Budget 2026.

On the day the Government was formed, Central Statistics Office (CSO) data showed there were just 30,330 houses built in 2024, far short of former housing minister Darragh O’Brien’s promise to deliver 40,000 homes last year.

In the third quarter of this year in Cork City, the average rent of a two-bedroom apartment stood at €1,982 per month, while in Cork county it was €1,511.

However, in Dublin, the price has risen to more than €2,500.

Across the country, market rents are on average now 33% above their pre-covid levels, and 67% above their Celtic Tiger peak.

There are also rises for those looking to rent rooms in homes, with the average rent for a double room in a house standing at €788 in the third quarter.

Room rents are now on average 32% higher than the pre-covid level, and 74% above their Celtic Tiger peak.

Supply remains an issue for renting homes and rooms.

On November 1, there was a total of just 1,901 homes for rent countrywide, down 21% on the same date a year previously and less than half (44%) of the 2015-2019 average.

Overall, availability is less than half of the 2015-2019 average.

The report's author, economist Ronan Lyons of Trinity College, said there were some positives to be found in the figures, particularly around inflation.

“Nationally, an inflation rate of 4.3% in market rents in September is close to the average of 2024 and 2025.

“While it’s a small win, steady inflation below 5% is — given recent increases — an improvement. However, supply remains tight — and indeed worsening, with one quarter fewer homes available to rent on November 1 than a year before. Thus, upward pressure on rents is likely to remain.”

The Government’s revised housing plan is set to be named “Delivering Homes, Building Communities”.

The plan itself is due to be split into two separate sections, of which the first will deal with activating land for housing, while the second will focus on supports for people – including those in emergency accommodation and the elderly.

It is also set to see an increase in the yearly target for social housing delivery, by 1,800 to 12,000 per year.

The overall housing targets are for 303,000 new houses to be delivered by the end of 2030.

However, there have been efforts to downplay the scope of the plan, with sources in the Government saying much of it has already been unveiled.

Other proposals within the plan include a new audit of zoned, unzoned, and serviced land.

Alongside the plan, finance minister Paschal Donohoe will today seek formal approval to increase the funding of the Land Development Agency (LDA) by an additional €2.5bn.

The extra fund, first reported in the Irish Examiner in October, will bring the total capitalisation of the LDA to €8.75bn.

It comes as the LDA is set to receive an expanded remit, including buying up private lands and delivering private housing.