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26th August 2024
02:20pm BST
According to the newest Daft.ie report, this marks the 14th consecutive quarter of rising rents, bringing the national average to €1,922 per month.
The surge in rent prices has been particularly severe in Limerick City, where rates have skyrocketed by 21% compared to last year.
Cork and Galway also experienced significant increases, with both cities seeing rent inflation exceed 10%.
Meanwhile, in Dublin, where much of the country’s new housing is concentrated, rents rose by a more modest 3.5% over the same period.
Trinity College economist and author of the report, Ronan Lyons, spoke to Newstalk to highlight a troubling trend outside of Dublin, where rental supply has sharply declined.
“If we go back a number of years and look at how many homes would have been available — say, the average across the late 2010s — you’re typically talking about something like 500 homes available to rent at any point in time across Cork, Galway, and Limerick,” Lyons explained.
“But on August 1st this year, there were just 151 homes in those four cities combined.”
The shortage of rental properties is expected to have a significant impact on students as they head back to college for the new academic year.
“What’s certainly sad about it is that people will choose places that reflect what they think is going to be easier for them to live,” Lyons noted.
“They may not put down the best course for them objectively because they’re worried about the lack of rental housing.
“So, in other words, they’re selling their future short simply because there’s not enough rental housing at the moment.”
As the housing crisis continues, Taoiseach Simon Harris recently acknowledged the uncertainty surrounding the future of affordable housing, stating that it would be “hard to predict” when prices might stabilise.
With rent prices continuing to spiral and supply dwindling, the situation remains bleak for renters across the country, particularly for students and those outside of Dublin who are facing increasingly limited options.
