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Rents at record high as rental supply reaches all time low

10 May 2017

Availability continues to be a major issue, with only 3,100 properties available to rent nationwide on May 1st - compared to nearly 4,000 three months previously.

According to the latest report from property website, daft.ie, the average rent in the county is now 704 euro. Rents are at a new all-time high, while the number of homes available to rent remains at the lowest levels on record.

In Cork, the cost of rents rose by 10.4pc to €1,107.

The average cost of renting a home has increased by €134.00 a month over the previous year, according to The Irish Times.

When compared to the same period previous year, rents in the city have increased by nearly 11 percent and have increased by 14 per cent in the county.

In Dublin, there were just 1,074 properties available to rent in Dublin on May 1, the lowest figure recorded in the Daft series. However, there are very few homes for sale, and a small number being built.

While the report says that the average rent in Laois is now €769 per month, a 16.6% increase in 12 months, the ceiling for a family of four for receipt of Rent Supplement or for the Housing Assistance Payment (HAP) Scheme is just €610 per month. It was one of counties with the fastest rising rents, just behind Louth which saw an increase of 18.3 per cent in the past year.

Author of the Daft.ie report and Trinity College lecturer Ronan Lyons said: "The rental market has, for over five years now, shown increasing signs of distress, with stronger demand but weaker supply each year". This huge discrepancy puts a huge financial strain on low income families who are in rented accommodation.

However, Stephen Faughnan of the Irish Property Owners' Association claimed that the State has "punished landlords that kept their rents low".