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Rents 30% Higher Than Celtic Tiger Peak

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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.”

 


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