Rent prices across Cork city and county continue to rise

Rent prices across Cork city and county continue to rise

Rent prices across Cork city and county are continuing to rise, a Daft.ie report has highlighted.

Rent prices across Cork city and county are continuing to rise, a Daft.ie report has highlighted. 

The latest figures show that in Q2 the average rent in the city is now €1,397 - a 2.3% increase on last year. 

In Cork county, the average rent is now €1,036 which is 0.6% higher than a year previously. 

Average monthly rents rose by an average of 1.2% in the year to July, according to the latest Daft.ie Housing Market Report released today. 

The new monthly report gives key figures on the health of both sale and rental markets, with figures for the sales market showing prices on average unchanged in July compared to a year ago. 

The average listed sale price nationwide in July was €259,733, while the average monthly listed rent was €1,412.

Rents in Dublin are largely unchanged, year-on-year, having risen by just 0.2% in the last 12 months to July. 

In the rest of Leinster and in Munster, rents have risen in the last year – by 3.3% and 2.7% respectively. 

In Connacht and Ulster, however, rents are 0.6% lower than a year ago. 

In the sales segment, prices have risen in both Dublin (+1.2%) and the rest of Leinster (+2.1%) in the last 12 months, but have fallen elsewhere in the country – by 2.8% in Munster and by 2.5% in Connacht and Ulster.

Figures measuring the availability of property on the market show very different trends across sale and rental segments. 

In the sale segment, there were just 19,538 properties for sale nationwide on August 1, down 22% year-on-year and the lowest August total since 2006. 

In the rental market, however, availability has improved, with 41% more properties for rent on August 1, 2020, than on the same date a year ago. 

This increase is driven by Dublin, where stock on the market is almost twice what it was a year ago – elsewhere in the country, availability is largely unchanged.

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