The average rent for homes at the end of 2021 was at €1,524 per month, an average of 10.3% higher than the same period in 2020. A report released by Daft.ie states that the increase marks the largest quarterly gain since mid-2017. It’s understood that the available homes for rent in Dublin was at 712 homes at the start of February, less than one-quarter of the average for February over the last two decades.
According to Associate Professor of Economics at Trinity College Dublin Ronan Lyons, the sharp increase in rents around the country reflects a worsening of the unprecedented scarcity of rental homes.
He adds that “figures for a further 12 developments coming on stream in early 2022 suggest brisk take-up of new homes. Even if the 1,700 homes due to become available in the first half of 2022 were added to the existing stock of rental ads, the number of homes available to rent in Dublin now would be below the level seen a year ago.”
National housing charity, Threshold says the findings of the Daft report suggest a blatant disregard of the Rent Pressure Zone (RPZ) legislation, while those outside the RPZs “are now being left at the mercy of the market”.
Threshold chief executive John-Mark McCafferty urged all private renters to get in touch with the charity when they receive a rent review to check the validity of the rent increase.
Daft states that in almost every part of the State it would be cheaper to purchase a property than to rent one.
LSL News.