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Average rent in Donegal rises to
€605pm
17.08.18
IN Donegal, rents were
on average 1.7% higher in the second quarter of 2018
than a year previously. The average advertised rent
is now €605 per month, up 25% from its lowest point
according to the latest quarterly rental report by
Daft.ie.
Rents rose nationwide by an average of 12.4% in the
year to June 2018. This represents the ninth
consecutive quarter in which a new all-time high for
rents has been set and also in which annual
inflation in rents has been greater than 10%. The
average monthly rent nationwide during the second
quarter of 2018 was €1,304. This is €274 per month
higher than the previous peak in 2008 and over €560
higher than the low seen in late 2011. |
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Commenting on the
report, Ronan Lyons, economist at Trinity College
Dublin and author of the Daft Report, said: “While
the building of new homes appears to be having some
effect in the sales market, with inflation easing
somewhat, there is no counterpart in the rental
sector. While urban apartments make up almost all
the net need for new homes in the country as a
whole, just 13% of new homes completed in the year
to March were urban apartments. In that context, it
is unsurprising to see rents rise once more. |
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Ronan Lyons. |
As before, with such a
mismatch between supply and demand, policy must
focus on dramatically increasing the construction of
urban apartments, for both market and social housing
needs.”
In Dublin, the increase in rents in the year to June
2018 was 13.4% and rents in the capital are now 34%,
or almost €500 a month, higher than their previous
peak a decade ago. Rents continue to rise rapidly in
other cities also. In Limerick city, rents were
20.7% higher than a year ago, while in Waterford,
the increase was 19.3%. Galway saw its rents
increase by 15.9% in the same period, while in Cork,
rents rose by 12.8%. Outside the five main cities,
rents rose by an average of 10.4%.
Reacting to the latest Daft.ie report findings,
Shane De Rís – Trinity Students’ Union President
said: "It is tragic that yet again we’ll see
students forced out of education due to the
financial strain placed on them by the housing
market, forced to delay their future due to
Government inaction. There is no easy-fix to this
crisis, but the time for action has already arrived.
The housing crisis is the biggest obstacle facing
the future of higher education in this country
today."
Average rents, and year-on-year change, Q2 2018
Dublin: €1,936, up 13.4%
Cork: €1,266, up 12.8%
Galway: €1,189, up 15.9%
Limerick: €1,109, up 20.7%
Waterford: €921, up 19.3%
Rest of the country: €909, up 10.4% |
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