In Dublin, the annual rate of inflation in rents, in the year to June 2016, was 11.1%; it’s highest since late 2014.
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The latest report from the Daft.ie shows that properties are costing more than they did during the boom.
People can expect to pay on average €1734 euro in south county Dublin, €1500 in the city centre and €1419 on the north side.
For the fourth quarter in a row, the highest rate of rental inflation was Cork city, where rents rose by 18 per cent in just 12 months. In Waterford city, rents have risen by 13.3% in twelve months, while outside the major cities; the increase has been 9.7%. This year there were only 1,100 rentals available to students in Dublin in May.
Rents are nearly 14 per cent higher in Galway; up 15.5 per cent in Limerick; and in Waterford city, rents have jumped by more than 13 per cent.
Daft report author Ronan Lyons said: “Ahead of a new academic year, the latest figures highlight the severe shortage of accommodation for students”. For comparison, two years previously, on August 1st 2014, there were nearly 6,800 properties listed nationwide. But the class of 2016 are really stuck between a rock and a hard place. The bad news extends as far as Cork, where rent has been inflated by 18% in just the previous year. Since early 2013, property prices and rents in the country have begun to recover due to strong economic growth.
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Such is the crisis, the Union of Students in Ireland (USI) is sending letters to 100,000 homes nationwide pleading with owners to let spare rooms to students.
