Rents continue to rise, but are slowing significantly year on year.
The latest Rent Price Report from Daft.ie shows an average rental cost of €1,836 per month nationwide, an increase of 5% on the same time last year.
However that figure is down significantly from mid-2022 peak of 14%.
Author of the report, economist Ronan Lyons, say Dublin prices are lowering the national average; “There’s about maybe 50% more homes available to rent in Dublin now than, say, 18months ago, it’s still well below what it had been a few years ago but it has improved, elsewhere in the country we’re still talking about very, very tight availability and indeed in the north west availabilty is still falling, it’s getting worse rather than better and that’s because we’re not building enough new rental homes”.
He adds that building rental accommodation down the country isn’t profitable, noting; “Even if you had no land costs and no profit margins you still wouldn’t be able to make your money back to cover your costs if you built new rental apartments in most parts of the country at the moment and that is down to a high cost base and perhaps also to do with productivity issues in construction”.