Rents rise and not just in Dublin

Rents are on the rise and not just in Dublin, according to Daft.ie’s latest report on the rental sector which shows year-on-year increases in all cities apart from Waterford in the last quarter of 2013.

The increase in the average rent nationwide rose to 7.1 per cent in the final quarter of 2013, compared to a 2.2 per cent rise a year previously, according to the quarterlyDaft.ie Rental Report.

The average advertised rent, which the property website bases on a sample of over 10,000 property lettings nationwide, stands at €865, compared to €790 two years ago.

The increase in rents is mainly being driven by inflation in Dublin where rents rose by over 11 per cent in the past year: they are now almost 18 per cent higher than at their lowest point in mid-2011.

Rents in Dublin are now effectively at the same level as early 2006, when the average Dublin rent stood at €1,250. However, they are still 15 per cent below peak prices witnessed in mid-2007.

Rents in most other cities have also risen in the past year: they are up by over 4 per cent in Cork and Galway while Limerick rents have risen by 3.6 per cent.

The exception is Waterford city, where rents continue to fall at 0.6 per cent year-on-year.