Dublin rents have risen again in the last quarter amid “all-time low” rental home supply in the capital, a new report shows.
There were huge year-on-year increases outside of the capital with the biggest hike of 21.6% hitting Leitrim.
Dublin’s increases were much lower with the City Centre – one of the main six areas – even seeing a drop of 0.2%.
The Daft.ie report confirms there has been a return of the pre-Covid-19 situation of “weak supply in the face of very strong demand” with national rents 65.7% higher than this time last year on average.
The report read: “Market rents rose by an average of 2.6% in the third quarter of 2021 nationwide, the third quarter in a row of rents rising by at least 2%. Across the country as a whole, market rents are now 6.7% higher than a year ago – the highest rate of inflation since early 2019.”
The major shortage of rental home supply in the capital means that Dublin is 80% more expensive than non-city rents.
The report read: “Inflation has returned to the Dublin rental market. Market rents in the capital are 2.5% higher than a year ago – the highest rate of inflation since the start of the pandemic. So Dublin, like elsewhere, has returned to the pre-Covid-19 norm of not enough rental homes given the numbers looking to rent.
“There were just 820 homes to rent in [the] Dublin market on November 1, down 51%on the same date a year earlier and the first time the stock of rentals has been below 1000 since the beginning of the daft data set 2006.”
The report added: “The cost of a single or double room in Dublin was roughly 2.1% higher in the third quarter of 2021 than a year earlier.”
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