RENTS in Cork city have more than doubled since their lowest level in 2012, and have risen by 5% in the last 12 months despite the Covid-19 pandemic.
The cost of renting a property in Cork city has risen by more than 3% between June and September 2020, according to the latest figures from Daft.ie, following the end of a ban on rent increases that was introduced by the Government during the pandemic.
From August 2 this year, rent increases were permitted to take effect for tenants who have not been financially impacted by Covid-19.
Rents in County Cork have also risen by 2.5% in the last year. Rents in other major cities also rose, but rent in Dublin hasn’t.
The average rent in Cork city now stands at €1,443 - the most expensive in Munster - while in the county the average stands at €1,057.
It is now 102.1% more expensive to rent a property in Cork city than it was eight years ago.
Author of the Daft.ie report and Assistant Professor in Economics at Trinity College Dublin, Ronan Lyons, said that almost no new rental homes have been built in Dublin in the last ten years.
“Summing up over the four next largest cities – Cork, Limerick, Galway and Waterford – there were just 250 homes listed on the rental market at the start of 2020, barely one-tenth of the stock on the market a decade earlier,” he said.
“The results of such a lack of supply were entirely unsurprising if socially and economically harmful. Urban rents in Ireland have doubled from their low point early in the 2010s – as did rents in Dublin’s commuter counties,” he added.
Solidarity TD Mick Barry said that the Covid crisis had failed to halt the upward trend in rents in Cork and called for an outright ban on rent increases.
"The Covid crisis has depressed rents in Dublin but has been unable to do so in Cork. This shows the need for legislation which bans rent increases,” he said.
“It also shows the need for a big increase in social housing supply to act as a downward pressure on rents,” he added.
Sinn Féin spokesperson on Housing Eoin Ó Broin has said that the latest data shows that the rental crisis is getting worse.
Deputy Ó Broin said: "The latest Daft.ie rental data shows rents rising by 1.2% Statewide in the past year, with increases of almost 3% outside of Dublin.” He described as “alarming” the rental increase in Cork which was 5.2%.
"Rents are too high and in many places are continuing to rise,” he added.