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RENT IN DUBLIN is up by 16.6% this year, a report carried out by property website Daft.ie has found.
The company’s Rental Report for the third quarter of 2014 found that average rent in the capital rose to €1,372 per month.
Demand is still outstripping supply, with less than 27,000 properties available to rent in Dublin in the first nine months of this year, compared to over 47,000 in the same period in 2011.
Nationally, rent increased by over 11% in the space of 12 months with the national average rent now €933 compared to €842 a year previously.
In the other city centres, rents continue to climb. Waterford experienced an annual rise of 5%, Limerick 6%, Galway 7% and Cork 8%. Most of Dublin’s neighbouring counties also continue to see double digit inflation with Meath witnessing growth of 11%, Wicklow 13% and Kildare 14%.
The number of properties available to rent has continued to plummet. On 1 November, there were fewer than 5,400 properties to rent nationwide, the lowest figure since May 2007.
Commenting on the report, Ronan Lyons, economist at TCD and author of the Daft Report, said: “In many ways, the lack of available properties to rent is more concerning than the high rental rates, although clearly the two phenomena are inextricably linked.”
The only silver lining is the fact that this quarter was the first time in five years that rent inflation in the capital eased somewhat. However, even if an easing in Dublin inflation continues and stops the affordability crisis from worsening, it does nothing to change the availability crisis.
Year-on-year change in rents in major cities during the third quarter of 2014:
Rents continued to rise throughout the country between August and October, according to the figures published in the report. Over the last two years, the average rent nationwide has risen by almost €150, from €790 a month to €933.
That national trend is being driven by Dublin, where rents are up an average of €300 a month since 2012.
Lyons noted that the latest figures show that rental inflation outside the cities is above what might be considered a healthy rate, in line with the rest of the economy.
While prices in the rest of the economy were roughly flat in the year to October, rent inflation stayed above 10%. A small easing in Dublin inflation – from 15.6% to 14.5% – was offset by an increase in inflation outside of the capital, up from 5.7% to 6.6%.
In Dublin, rents are now almost 30% above their lowest point in 2012 and less than 10% below their 2007 peaks.
Lyons said that this is “very damaging for Dublin’s competitiveness as a location for foreign direct investment”.
“The goal of housing policy should be to ensure that, regardless of whether it’s to rent or to buy, rural or urban, housing is abundant and affordable,” he added.
Journal Media Ltd has shareholders – Brian and Eamonn Fallon – in common with Distilled Media Group.
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Well timed for the bank holiday.
BAM civil engineering are making a right balls of it!
Machine operators should go to spec savers
Sitting here stuck for a second time in mental traffic about to burst my own main
€1000 fine for you.
We should be one of those countries that only allow road works at night,
Stuck at city west for the past 40 minutes!!
If we as a country could afford that I’m sure it’d be great. Don’t think local residents would appreciate it mind.
That’s a terrible idea
First off, major projects like this would take twice as long imagine the frustration of sitting in traffic jams on that temporary road for month after month, year after year while the building site sits empty
It would also cost a lot more because ALL the builders’ wages would be charged at the unsociable hours rate, instead of just some of them. There’d also be an increased danger to the workers from working predominantly in the dark
There’d be noise disturbance at night for literally years (in this case) for the residents to endure
And what would the benefit be? On the rare occasions that they hit a water pipe there might be less disruption. Maybe not though, because the other agencies they need to work with to clear up the problem probably work during the day like normal people
Terrible idea!!
40 minutes? It took me 2 hours to get on to the M50 from Citywest. I ended up going via Clondalkin and Liffey Valley. It was a complete disaster. Ninth Lock Road was awful and has these silly traffic lights on kerb build-outs about halfway up. I originally planned on getting to the M50 via either Tallaght or Cheeverstown as I head southbound on the M50. But, tailbacks there would have had me taking an hour and 45 minutes from a similar previous experience…..
And all because of a burst water main.
Works well in every other country so why not ireland. Especially the busiest road in Ireland which has very few houses in the area
Thomas there is a hotel directly beside it and houses use by. No planning permission would ever allow noise disturbances at night.
P 45 for the digger driver
There a number of routines any competent construction company crew must go though before they even touch the bucket into the ground and can be pretty lengthy process but the short story here is there could be any number of people to blame for this second strike from management to obviously the 2 guys standing beside the excavator looking into the hole whose job it is to spot potential strikes and jump into the hole with their shovels to expose the threat.
There could be so many things wrong along the chain I wouldn’t solely put the blame on the excavator operator, these guys are highly skilled in what they do but are totally reliant on the guys outside the machine to be their eyes and ears. But you can be sure he’s not feeling very good about himself right about now.
Just passed before it closed,smells like sewage pipe more than anything
ffs, has to be caused by the work being done. Some tool just digging places without thinking
Oh fun for bank holiday Friday
Irish Water to the rescue !!!
Somebody could add 1 million litres of water to the hoardings.
http://blog.mccannblue.ie/build-a-better-hoarding/
Was it not closed last weekend too. Thought they sorted it. Thank a God I don’t have to go anywhere near there. Give me Cavan roads, potholes and all, over traffic jams :-)
whats difference between burst and bust
if you touch a ladies bust she may burst you…
One is correct, the other is not.
One has an R, the other doesn’t?
What do I win?
The banks went bust, they should have gone burst
Legend
What happens if you burst a ladies bust?
We are going to need a bigger bucket
Quick grab a bucket free water!!
Heard that before Louise???
I’ll share a shower with you we can save some water :)
Louise, I think people find when a joke is regurgitated a few times it loses it’s funniness. And a stolen comment is no comment at all. But good attempt, removing the hyphen from the original
Who’s being charged for the loss water?
Their working on it don’t rush it !!!!!!
Has Chris Christie started working for SInn Fein?…..
My 20 min commute turned into a hour nd a half :( lucan talla clondalkin wrote off
Last time… water under the bridge. This time…. It’s making more than Newlands cross!
Thanks to this Penny Hill road is a write off!!!!
At this rate they’ll need to bypass Newlands Cross permanently
Just as well there no water charges in place!
Dublin – Tipperary this morning: 1 3/4 hours
Tipperary – Dublin this pm 3 hours . Took me an hour and a half to go through saggart towards Dublin. I had 4 month old baby stuck in car; awful awful awful.
If I ever meet the dope that burst that pipe, I will make him listen to a recording of a screaming upset baby in a tiny space.
Free water for all :-)
Ooops again…….
I was wondering why so much traffic. It was ridiculous. Took 50 mins to do a ten min journey.
Was stuck there for nearly 2 hours earlier, not confident of my directions to take a detour. Bloody idiots trying to bypass everyone and muscle into traffic at the head of the queue. Still made it to Cork safely, let the long weekend begin! Idle Hour anyone?????
Just keep swimming, just keep swimming swimming swimming swimming….
Took 90 minutes to get from Baldonnell to Lucan today. Crazy stuff.
I noticed that my comment was removed from the thread above. Why?
It’s likely that somebody snagged it with a digger but it also could be a knock on from the other burst as a result of the change in pressure. I’d imagine that’s a pretty big main.
have your say