Rental Chart in today’s Irish Independent
Via Charlie Weston in Independent.ie:
It now costs €70 more to rent than it did last year, a rise of 5.2pc. Over a year, the additional cost works out at €840.
Rents have risen so much that they are now €373 a month higher than the previous peak they hit during the property bubble in 2008, according to the latest Daft.ie rental report.
Dublin rents are up almost 4pc in the past year, with the average monthly cost in the capital now €2,044. This is €76 a month more expensive than the same period last year. This means it is costing a Dublin family €912 more a year for accommodation.
Revealed: Areas with highest rental hikes as country braced for ‘ten more years of rent misery’ (Charlie Weston, independent.ie)
Anne-Mare McNally, Social Democrats spokesperson on Consumer affairs, and Dublin MidWest by-election candidate, said:
“The only solution is to put in place a mandatory country-wide rent freeze for at least two years until increase in supply drives prices down
“Berlin and other cities have recognised that pricing ordinary people and families out of renting is a disaster for a city, for its people and for the economy. Berlin has limited rental increases to the rate of inflation and set caps on maximum rents. We urgently need these kinds of protections here. It’s time that this Fine Gael Government prioritised the ‘locked out generation’ – those for whom even renting a home is now becoming a daily struggle, never mind owning one.”
Rental adverts in Dublin
Ben Haugh reports in the Times Ireland edition...
The RTB will today announce two new rent pressure zones in Carlow and Macroom in Cork. Rents in Carlow increased by 12.6 per cent over the past year to €879, while they rose by 19.1 per cent in Macroom to €915.
The average rent in the capital was €1,713 at the end of June, compared with €1,599 in the same period last year.
The cost of renting in Cork city increased by 4.2 per cent to €1,177; in Galway city by 5.7 per cent to €1,117; in Limerick city by 10.2 per cent to €973; and in Waterford city by 13.9 per cent to €843.
Pressure zones fail to put cap on soaring rents (Ben Haugh, Times Ireland edition)
View of Rathgar, Dublin 6, from a drone; The Rubberbandits avatar
As research for a podcast, Blindboy, of The Rubberbandits, tweeted a few questions to his followers.
“…how many of ye are moving out of Dublin? Not because ye can’t find work. But because it’s too expensive. And where are ye moving?”
They’re answering in their droves…
Earlier: ‘The Apartment Is Shared With Seven Friendly People’
The latest quarterly Rental Report by Daft.ie is out.
In Dublin, rent growth in the last quarter was 4.5% compared to a year earlier, bringing average rents to €2,023 a month – with available rentals continuing to slow.
Daft economist Ronan Lyons says:
“Availability on the rental market remains at levels that were unprecedented prior to 2015…For example, in the Dublin market, there were just 1,541 properties available to rent on August 1st. While that’s up from 1,121 two years ago, it’s well below the average of 4,700 for the preceding decade….”
Average monthly rents hit record level for 13th quarter in a row – report (RTÉ)
Illustration of what a new apartment complex on St James Road in Greenhills, Dublin 12, will look like when it’s completed later this year
Carly Bailey, of the Social Democrats, tweetz:
They are currently seeking expressions of interest for apartments at this development [above]. €1750 or more for a one bed apt. €1950 or more for a two bed. Absolutely outrageous & unaffordable for most. Impossible to tackle #housingcrisis with rents like this!
St James’s Road, Greenhills, Dublin 12 (Daft.ie)
Dublin location unspecified.
Martin O’Donoghue tweetz:
A queue to view an apartment to rent…
Dublin Rental Investigator tweetz:
This studio opposite Fibbers advertised on @facebook for 4 people at €375pm each. 2 obviously have to bedshare. The kitchen doesn’t meet Min Standards. Difficult to verify. Why is property being advertised on @facebook
When will it ever end?
Yesterday: Studio Flat, Two Bunk-Beds, Four People
Average rents by county in the third quarter of 2018, according to the Residential Tenancies Board (RTB)
…Amid continuing unprecedented demand, the national average rent rose to €1,122 during the quarter, up 7% on the same period last year.
But a moderation in that pace of growth is also evident, with rental price inflation dropping to 1.9% compared to the previous quarter when it was 3.6%.
In Dublin, the rate of increase was higher than the national picture at almost 9%, bringing the average rent in the capital to €1,620.
The index also found that areas designated as Rent Pressure Zones are seeing a slower pace of rent inflation for people who already have a tenancy.
However, one concern for the future is that the number of landlords is falling, despite high rental prices and record demand.
Rents still rising, but number of landlords falling – RTB rent index (RTÉ)
This report, jointly produced by RTB and the ESRI [The Economic and Social Research Institute], is controversial. Ireland’s #1 landlord Kennedy Wilson (which has leapfrogged #2 IRES), disputes the figures and I agree with KW, the figures appear to be based on new tenancies only.
The report has been released for previous quarters, timed to boost Eoghan Murphy’s political status (eg published day after vote of no confidence, published on day Eoghan visited the ploughing championship to announce policy changes etc), this is the earliest the report has been published. It appears to have been given in advance to the Irish Times only…