The new average monthly rent for renting a property in Ireland now lies at €1,443 as of the first quarter of 2021. This has been the biggest nationwide increase in rents despite rents going down in Dublin.
From Dafts latest report we can see that the rents have gone up 2.1% in the first quarter of 2021 compared to the same quarter in 2020.
From Jan – Mar 2011 the average rent stood at €742. This shows now that by 2021 the rent has nearly doubled in price nationwide.
With rents this high now the chances of younger people buying before age 30 have halved from a generation ago.
Rental properies available in Dublin were up 20% for the first 3 months of 2021. Owners have taken properties from the short-term lettings market, such as those offered on the Aibnb platform, to rent them out. This, combined with a temporary halt to people moving to the capital, has pushed rental costs down in Dublin.
Outside of our biggest city there has been a surge in rental costs, up by 7.1% in the first three months of the year compared with the same period last year. This means renters are paying €900 extra a year.
Outside Dublin there were only 1,150 rental units available on May 1, which was down one third from the same date in 2020. Cork, Galway and Limerick cities saw rents rise by 6pc in the past year.
As normal life resumes, the chronic undersupply of new rental homes will be the main driver, along with economic and population growth. These prices will keep rising if more houses aren’t built in the coming years.