Report confirms continuing rise in rents nationally

Dublin- where the rent is high.                     Image Shutterstock  littlenySTOCK

In Dublin, for example, there were fewer than 1,350 homes available to rent, compared to nearly 6,700 on the same date in 2009. This would put the average monthly city rent at about €2,500, up from €1,869.

New figures from Daft.ie show that people now pay an average of €1,227 every month.

The average cost of monthly rent in Ireland at the moment is €1227 euro, which is the seventh quarter in a row that the price has risen and is an all time high.

"2017 marks the fourth consecutive year of double-digit gains in rents nationwide", said Ronan Lyons, economist at Trinity College Dublin and author of the Daft Report.

There were just over 3,100 properties available to rent at the beginning of February, which is the lowest since the series started in 2006.

To protect the interests of tenants, the Irish government has invented a rent pressure zone mechanism under which landlords cannot randomly increase their rents beyond a rate fixed by the government for each different zone unless landlord can justify their increases by providing evidence of price hikes of three comparable properties in the same area.

Daft.ie's latest Property Report has revealed some concerning facts about that state of Ireland's housing market, including the fact renting is now 19% more expensive than it was at the height of the Celtic Tiger and 65% more expensive than at the peak of the crash in 2011.

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"If you want to stop rents rising, don't ban them from rising, tackle the underlying problem, which is a lack of supply", he said.

"The Bill that I tabled in the Dáil on this matter could have one of two outcomes: it could vindicate the Government position and show that rent pressure zones and rent certainty is working, or it could highlight that there are some who are not complying with the RPZ legislation - which in itself would be a problem".

The organisation said that the introduction of rent pressure zones in December 2016 did not go far enough and should be urgently reviewed.

Fianna Fáil leader Micheál Martin said many young people are now spending half their income on rent.

"What we are seeing is reducing supply and we are seeing prices increasing across the board", she said.

"We need to look at intervening in the private rental sector looking at HAP, look at rent supplement as prevention".

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