Rents 30% Higher Than Celtic Tiger Peak
It now costs an average of 30% more to rent in Ireland than it did at the peak of the Celtic Tiger.
The latest Daft.ie Rental Report has found that rents have hit a new all-time high for the tenth consecutive quarter in a row.
The average national rent is now over €1,300 – an increase of 11.3% this year alone.
The €1,334 average is now €304 per month higher than the 2008 peak and over €590 higher than the low in late 2011.
In Dublin the average advertised rent is up 96% from its lowest point in 2011. Rents in the capital have risen by an average of 10-.9% over the past year.
The author of the report, economist Ronan Lyons, said there was a big difference between in rate of inflation around the country.
“The strongest growth in rents we have seen is in Limerick and Waterford Cities – where inflation is close to 20% year-on-year,” he said.
“Now they are two of the cheapest cities in Ireland – of the five cities."
“So, what we are probably seeing is an element here of catch-up," he said. "Those cities saw their rents bottom out last and they are lowest so some increase there may have been expected.
“But still 20% year-on-year is a dramatic increase, especially if that continues.
“Other cities, including Dublin, Cork and Galway are also seeing strong rental growth – and they are places that have seen rents increase for longer.”