Ireland Residential Housing Rents Jump 13 Percent in 2022
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Loading... - Isabella Martel
- 22 Feb 2023
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According to the latest Rental Report by Daft.ie, Ireland's market rents in the final quarter of 2022 were an average of 13.7% higher than the same period a year earlier, as availability of rental homes remained near an all-time low.
The average market rent nationwide between October and December was €1,733 per month, up 2.7% compared to the third quarter of the year and 126% above the low of €765 per month seen in late 2011.
While there are regional differences, all parts of the country are experiencing substantial year-on-year increases in open market rents. In the year to December, the rate of inflation in Dublin was 13.1% while in Cork city, it was 14.9%. The rate of inflation in the three other principal cities - Galway, Limerick and Waterford - was higher again, ranging from 18.9% in Limerick to 20.2% in Waterford. Outside the cities, the average annual increase in market rents was 13.6%.
As in recent quarters, the increase in market rents around the country is driving extraordinary shortages in the availability of rental accommodation. Nationwide, there were just 1,096 homes available to rent on February 1st, down over 20% on the same date a year ago and roughly one quarter the average level of availability during 2015-2019.
The figures above refer to open market rents but the report also includes an index of rents paid by sitting tenants, rather than movers, using a bespoke survey of tenants. It shows that, on average, rents paid by sitting tenants have increased by 3.8% on average over the last twelve months. Since the introduction of Rent Pressure Zones in 2016, rents of sitting tenants have increased by 19% on average, compared to an average increase in open-market rents of nearly 75% over the same period. Read More…
