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SOCIAL BOOKMARKS

Rents in Cork city now 95% higher than recession

Rents in Cork city have risen by almost 5% in the last year to 95% higher than their lowest point during the recession in 2011.

According to the latest Rental Report from Daft.ie, the average rent in the city now stands at €1,396, up 4.8% on 2019.

In Cork city the average rent on a one-bed apartment is €1,070, with a five bed house costing €1,678 monthly.

A mortgage on a three-bed house in the city now costs around €905, while monthly rent stands at €1,364.

The cost of renting a single room in Cork city has increased by 12.5% in the last year to €521, with a double room €621, while a room in the suburbs cost €442 for a single, and €531 for a double.

In Cork county, rents were almost 4% higher in the first three months of this year in comparison to the same period in 2019. The average listed rent in April €1,045, up 79% from its lowest point.

Across Munster, a 6.2% rise in rent was the average in the year to December 2019, with rents in the region now 21% higher than their previous high in early 2008.

Nationally rents fell by 2.1% on average in April, compared to March, reflecting the economic fallout from the Covid-19 pandemic - the largest monthly decrease in over 11 years.

Despite this, rents in the first quarter of 2020 were 3.8% higher overall than a year previously.

Ronan Lyons, author of the Daft Report, said: “Before Covid-19 stopped the economy in its tracks, it seemed as though things were finally beginning to improve for Ireland’s rental sector.

“Figures in this report show that over 35,000 new rental homes were in the pipeline, when Covid-19 shut down the construction sector.

“Given that the pandemic is unlikely to change any of the long-term fundamentals driving underlying housing need, there is a danger that while its immediate impact might be to lower rents, its longer term effect could be to worsen the shortage.” 

Cork, however, is seeing signs of activity in the Build to Rent market, with over 2,600 units in the pipeline, while there are further units earmarked for Dublin.