THE SUPPLY of rental properties has fallen and rents are on the rise despite a continuing fall in house prices, according to the latest report from property rental website Daft.ie.
Average national rents for 2011 were down by 0.7 per cent. However, January 2012 has seen a marginal 0.4 per cent increase on the same month last year, putting rents at almost the same level as in December 2009.
The number of properties available has fallen by 5.7 per cent in 2011, primarily in Dublin, where the number of properties available to rent has fallen by almost 1,000 over the year. Overall, the supply of rental properties is at a 3½-year low.
Minister for Social Protection Joan Burton said the failure of rents to fall in line with house prices supported her decision to cut social welfare rent supplement.
Hang on. Fewer rental properties. Rents rising. Rent supplement cut.
Damn, who’s got a calculator?
Rents rising despite fall in house prices (Irish Times)
An analysis of recent trends in the Irish rental market (Daft)