Average cost of renting a home in Ireland hits over €1,000 a month
The average cost of renting a home in Ireland now stands at over a €1,000 a month, according to Daft.
The property website has released its latest quarterly report which has found the average rent is now €1,006.
It is the first time it has gone over a €1,000 a month since May 2008.
In Dublin rental inflation since March of last year has gone up by 8.8%.
Average rents are now 1.3% higher than at the peak in 2008.
Commenting on the report, Ronan Lyons, author of the Daft Report and economist at Trinity College Dublin said: “The severe shortage of rental accommodation has worsened in the last three months, a phenomenon reflected in rapidly rising rents in all parts of the country.
“With the formation of a new government, a top priority must be to address the lack of housing of all kinds, including homes to rent. This involves understanding the costs of construction, which are out of line with average incomes.”
- Dublin: €1,464, up 8.8%
- Cork: €1,003, up 16.0%
- Galway: €900, up 12.7%
- Limerick: €792, up 12.4%
- Waterford: €687, up 11.1%
- Rest of the country: €708, up 8.7%
Sinn Féin’s Eoin Ó Broin, a member of the Dáil Housing and Homeless Committee, has called on the new Government to declare a housing emergency.
“The Government’s draft programme for government did not reference any form of rent certainty or rent controls as being viable tools to provide some security for tenants,” Eoin Ó Broin.
“Minister Coveney must revisit this omission and introduce real rent certainty. Rent increases and decreases must be linked to the Consumer Price Index and housing assistance payment rates must be adjusted in line with current market rents.”
You can read the report in full here.
