Rent costs rise by 1.5% in third quarter, as supply worsens

ireland
Rent Costs Rise By 1.5% In Third Quarter, As Supply Worsens
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Digital Desk Staff

The average listed rent rose by 1.2 per cent between June and September, according to the latest Daft.ie Rental Report released today.

The jump offsets a fall of 1.4 per cent in the second quarter, following the outbreak of Covid-19 and means that the average monthly rent nationwide in the third quarter of 2020 was €1,419, up 1.2 per cent on the same period in 2019 and 91 per cent higher than its lowest point in late 2011.

There was a noticeable difference in trends in Dublin and elsewhere in the country.

In Dublin, rents were largely stable between June and September, rising just 0.2 per cent, and are 0.8 per cent below the same period in 2019.

Outside Dublin, rents rose by 2.9 per cent in the third quarter and are now 3.3 per cent higher than a year ago.

Cities

The largest increases in rents has been in the main cities (excluding Dublin) and in the rest of Leinster. Rents in Cork, Galway and Waterford cities are roughly 5 per cent higher than a year ago, while rents in Limerick are 3.4 per cent up year-on-year.

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In Leinster (outside Dublin), rents vary from 4 per cent higher in Wexford to 7 per cent in Carlow. Rents are also higher than a year previously in Munster (up 2.8 per cent) but are 1.5 per cent lower in Connacht-Ulster.

The number of properties available to buy on the market nationwide was almost 4,200 on November 1st, down 17 per cent on the same date a year ago.

As with prices, there is a difference between Dublin and the rest of the country. In Dublin, the stock available to rent is almost twice the level seen a year ago (2,700 vs. 1,400) while outside Dublin, rental stock is down one third and, at just 1,435 on November 1st, was at its lowest level ever in a series that dates back 15 years to the start of 2006.

Average listed monthly rent and year-on-year change – major cities, 2020 Q3

  • Dublin City: €2,028 – down 0.8 per cent

  • Cork City: €1,443 – up 5.2 per cent

  • Galway City: €1,363 – up 4.9 per cent

  • Limerick City: €1,260 – up 3.4 per cent

  • Waterford City: €1,058 – up 5.0 per cent

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