Rise in student rent costs in Cork - new report

There has been a rise in student rent costs in Cork with the average monthly price of renting a single bedroom in Cork city now standing at €493.

That’s according to the Daft.ie Student Housing Report released today.

The report shows, in Cork city centre, the average price of a single bedroom is €493, up 3.8 per cent year on year.

In Cork city suburbs, the average price is €430 and in Cork commuter towns it is €429.

Nationally, rents for full properties rose by 1.2% in the year to July.

The report also analyses the purpose-built student accommodation (PBSA) sector.

It estimates current demand for PBSA units, using information on full-time enrolment levels by students’ home county and country.

Across the four major cities - Dublin, Cork, Limerick and Galway – there is an estimated need for over 50,000 student homes.

Despite recent additions to supply, mainly in Dublin, the existing capacity of PBSA units is less than 33,000.

Further, because of a large increase in the college-going age cohort – as well as further increases in enrolment rates and international student numbers – estimated demand for PBSA units is projected to increase to 64,000 over the coming decade.

Commenting on the report, Ronan Lyons, its author and economist at Trinity College Dublin, said: “Substantial growth in student numbers over the coming decade – largely driven by a natural increase in the college-age cohort – means that the country needs significant construction of purpose-built student accommodation. Recent building has been concentrated in Dublin but the shortfall, of between 20,000 and 25,000 units, is spread around the major cities.”