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Donegal rents jump 7% since
recession
10.05.16
THE cost of renting a
house in Donegal has risen by 7% since prices
bottomed out in the recession.
The average monthly rent in the county now stands at
519, according to the latest figures from Daft.ie,
Almost half of the increase in Donegal rental prices
since the downturn has occurred in the last year
with a 3.2% jump compared to the same period last
year. |
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Meanwhile, rents rose
nationwide by an average of 2% in the first quarter
of 2016 with supply now at a record low, according
to the company's latest quarterly Rental Report.
The increase means the national monthly rent
nationwide in March was 1,006 - the first time
since May 2008 that the average rent has been above
1,000.
And in another headache for Donegal parents, rental
price inflation in university towns is also soaring
with the average monthly in Dublin, now standing at
1,464, up 8.8%; Cork: 1,003, up 16.0%; Galway:
900, up 12.7% and Limerick: 792, up 12.4%.
Supply in the market at the start of this month was
at "its lowest point on record", says Daft.ie, with
fewer than 3,100 properties available to rent
nationwide.
In 2009, there were 23,000 homes available to rent
nationally.
Report author Ronan Lyons 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. |
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