Average rent for a property in Cork city is now €1,331 a month

Average rent for a property in Cork city is now €1,331 a month
Map showing rent rises for Munster. Daft.ie

CORK city rents are now 32% higher than they were during the peak of the Celtic Tiger a decade ago.

The figure is revealed in the latest Irish Rental Price Report, by property website Daft.ie, for quarter one of 2019.

It shows rents have risen to record levels compared to 2007 in a market “starved of supply”, according to the author of the report, Ronan Lyons, assistant professor of economics at Trinity College Dublin.

Rent rates in the city are now averaging €1,331 - an increase of 10% on last year - while rates in the county have jumped 12.7% and now stand at €1,006.

A one-bed apartment in Cork city will cost renters approximately €1,005 per month, while a three-bedroom house will set tenants back €1,335, an 8.4% rise on last year.

Figures are much lower in the county but the increases show similiar trends with a one-bedroom apartment costing on average €695 - a 12.6% jump on 2019.

Mortgage repayments on properties are significantly smaller. The average monthly payment for a one-bedroom apartment in the city is between €463 and €586, while a typical payment on a three-bedroomed house is currently between €908 and €1,148.

In the county, mortgage repayments on a one-bedroom apartment range between €340 and €430 in the county and between €572 and €723 on a three-bedroom house.

Mr Lyons said: “The figures in this latest Daft.ie Rental Report do little to assuage the worries of policymakers, renters and others interested in a healthy rental market. For the 27th quarter in a row, rents have risen nationally, quarter-on-quarter. And for the 13th time in those 27 quarters, rents rose quarter-on-quarter not just on average nationally but in each of the 54 markets analysed in the report.

“It has become fashionable among some market commentators to deny the realities of supply and demand. The roots of this stem from the Celtic Tiger period, when - at first glance - it seemed that supply and prices moved up together. Prices rose at double-digit rates when the country was building twice as many homes as it needed,” he added.

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