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THE AVERAGE NATIONAL rent price has decreased for the first time in seven years, according to new statistics published by property website Daft.ie today.
Rents fell marginally, by 0.1%, in the final three months of 2019, according to the latest quarterly rental report. This is the first time since the middle of 2012 that rents have not risen quarter-on quarter.
The study also found that there are 10% more homes for rent on February 1st than a year previously. The average national rent is now €1,402, €659 per month higher than the low seen in late 2011.
However, prices in the capital have risen 3.5%. This has been the slowest rate of increase since 2008, Daft said.
In Dublin, Cork and Galway cities, rents rose between September and December, while outside the major cities, rents fell on average.
The Daft report found that rents in Dublin at the end of 2019 were 3.5% higher and in Cork and Galway were 5.5% higher than what they were at the end of 2018.
In Limerick and Waterford cities, rents were 3.9% and 4.3% higher respectively than a year ago. Outside the cities, rents were 4.7% higher in late 2019 than a year previously.
The average rents per region are as follows (percentage increase is calculated on a year-on-year basis):
Ronan Lyons, economist at Trinity College Dublin and author of the Daft report, said there is no “quick fix” to the housing problem.
He said: “With the election of a new government, housing – and in particular the rental sector are likely to be key parts of the new government’s priorities. Despite the desire for a quick fix, such as rent freezes, no such quick fix exists.
“By worsening insider-outsider dynamics, rent freezes are likely to further harm those most affected by the shortage of accommodation. And, if somehow applied to newly-built rental homes, rent controls could prove calamitous for a country that desperately needs new rental homes but has very high construction costs.”
The full report can be read here.
Note: Journal Media Ltd has shareholders in common with Daft.ie publisher Distilled Media Group.
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FG will cling to dear life to this report, but it’s too little too late. Coveney introduces rent controls of 4% max, but that’s less than wage growth so it was effectively useless for the majority.
Sorry FG, in8 years my rent has gone from 700, to 1700. And not so much as a tax credit to offset it. Can’t wait to see the back of you, and I’ve decided today, for the first time, to vote for SF and leave FF off my list too.
No rent freeze, no vote.
@Perlum Sprite: did you bother to read the report anonymous poster?
@John Macken: SF Supporters dont read into things, there too close minded they want ‘CHANGE’ !
@Ebaneezer Goode: I don’t know what’s sadder, the fact you cloned my account or the fact that you are illiterate.
@Perlum Sprite: 700 to 1700, jesus h christ that’s madness. Any wonder we have such a homeless crisis. How in gods name would anyone have any chance of saving a few bob or having any quality of life?
@Ebaneezer Goode: so you cloned someone elses account and you’re calling them a loser?
Oh the irony
Private landlords have to pay usc and nearl 50% tax all in al on rent received
Most Landlords who held on to their house or 2 during the crash have no pensions as they fought off the banks
Stop using private landlords as an arm of the state
We are like retailers plumbers and b&bs
Anyone can become a landlord if they work 7 days a week to pay off properties and sacrifice their family lives and forgo leisure time
Hands off landlords
@Paul Dooley: sacrificing family time, well done you, priorities first of course! We all bloody sacrifice family life to keep up with the bloody rental costs, idiot
@Paul Dooley: how about make housing provision tax free and halve rent costs?
Or reduce the tax by 2 thirds and also rent costs by half.
There’s more than one way to skin a cat.
@Paul Dooley: ‘Hands off all landlords’ – my landlord is a hedge fund- not even a human being, but a company for profit , that doesn’t need leisure time. It’s there to let those retiring in the present/ future (after being only able to hold on to a couple of houses) – So many squeezed out of the market because rents are so high … so no don’t feel sorry for them
@Paul Dooley: held onto a house “or 2″ did ya?! The state of you. Bleeding the very life out of Ireland and you want pity. Yer tennants are struggling to feed themselves and you are only worried about you. This is “the Irish landlord”.
@Paul Dooley: if you think all landlords pay the correct tax then you are living in dreamland.
@Laughable: If I was renting out a second property, I’d be happy to cut the rent by half if the tax was cut by half and the mortgage (which was used to pay for the property) has it’s repayments cut by half.
@Paul Dooley: The value of your investment may rise and fall.
Restricting supply has that effect
Landlords getting their retaliation in first before the big freeze!!
@Ol’ Painless: retaliation or a sensible approach? It is also slower than before making what you are saying obviously not the case. The RPZ already punished landlords for not putting up the rent you would want to be stupid not to increase rents as much as you can as often as you can. The government will punish you if you don’t
Payback time for the ordinary decent citizen.
Big root and branch reform of rental regulations linked to affordability on the European model on the way with sensible rental rates for all after the initial rent freeze.
The Public demand it.
@Ol’ Painless: demand away….but without supply you will be left hanging. I was a landlord but got out…1 less supplier for your demand
@John Horan: Being a landlord is welfare for the rich. You’re literally hoarding a scarce resource you don’t need for your own personal use, and getting paid for doing no actual work because you refuse to share what you don’t need. Rental property should be provided as universal social housing and rent shouldn’t cost a single cent more than the initial construction and ongoing maintenance cost. If someone wants to earn a living they should get up and do something to earn it like everyone else. Asset hoarding and speculation is an utterly toxic aspect of human society and the sooner it collapses, the better.
@Patrick FitzGerald: Absolutely, and the means of production should be returned to the workers from the bourgeoisie. We should definitely try that and see if it works out. If society wants some housing for itself (an aim I agree with), it get up and build it like everyone else.
Rent growth slows and yet they report it as a “jump”. Why?
Daft, that’s the most accurate name for any government report…. Oh wait it’s not!
@ThatLJD: it’s not a government report.
Fantastic News!
@Ebaneezer Goode: The country is improving by the minute!
@Ebaneezer Goode: Down 0.1% nationally, up 3.5% in Dublin.
@Ebaneezer Goode: yeah, for your vulture fund mates.
@Ebeneezer Goode: you want more housing or less housing? Somebody has to pay to build it and if there is no investment who do you propose pay? The government don’t have the money and won’t provide for the private renters
@Ebeneezer Goode: Ahh hello old friend!
@Ebaneezer Goode: it’s getting creepy now Bad Eb.
@Ebaneezer Goode: I know your ma…..I am your da.
@Ebeneezer Goode: Ma jokes! Its 2020 not 1997
@Ebaneezer Goode: Says the guy who cloned my account! You need to get yourself a girlfriend.
Wow – national rent average has dropped by 0.1%
Stop the lights – I was voting anything but FFG but this has completely changed my mind.
The best news to hit Ireland in the last 10 years!
Go FG Go !!!!
@Shakka1244: Sinn Fein will decrease rents when their economic policies create a recession bit it won’t be Mary Lou’s fault, not her dept apparently
If only our incomes raised as often
Worked for a new south Dublin RE company for a while last year. Worst experience of my life. I was actively encouraged to lie to potential buyers and renters to get more money out of them.
Sc**
have your say