The number of homes available to rent have fallen close to a historic low, while rents have increased sharply, according to figures from property website Daft.ie.
There were fewer than 1,400 properties to rent nationally on Daft at the beginning of February 2022. In Dublin, there were just 712 properties available, the lowest level since Daft’s records began in 2006. Beyond the capital, there were just 685 properties listed for rent nationwide this month.
The low supply of rental properties has coincided with a sharp spike in rents in Dublin. Rents in the capital rose by more than 4% in just three months at the end of last year, to an average of €2,258 in the south of the county and €1,897 in the north.
Nationally, the average rent on Daft was €1,524 at the end of 2021, a rise of more than 10% over the year.
Rents in the capital are growing fastest in the less fashionable districts of Dublin 10, which includes areas such as Ballyfermot, and in Dublin 17, which includes Balgriffin and most of Coolock.
A three-bedroom house cannot be rented for less than €2,000 in all but a handful of Dublin postal codes, and costs an average of €2,570 in Dublin 4.
In almost every part of the State it is cheaper to buy a home than to rent it. This would hold true for almost all but the most expensive properties, even if current average mortgage interest rates were to rise by two percentage points.