RENTS in Cork are rising by 11.5% year on year, and are now 30% above levels recorded a little over a decade ago.
According to the latest report from Daft.ie, the average rent in the city during the final quarter of 2018 stood at €1,314, slightly less than the national average higher rate of €1,347, which is an all-time high.
Meanwhile, the average rent in Cork county was €963 per month.
The latest Daft.ie Rental Report released today shows that average rent for a single room in Cork city rose by 5% year-on-year and stood at €438 in Q4 last year.
Meanwhile, a double room cost €568 at the same time, an increase of 9.2% year on year.
Nationally, rents are 31% higher than their peak in 2008, the report showed.
The report also showed that there were more properties available to rent nationwide at the beginning of this year (3,641), an increase of over 11% on the same date in 2018, when there were just 3,270 homes on the market.
However, this marks the second lowest start-of-year total on record, going back to 2006.
It is also below the 2016 and 2017 totals (both just below 3,900) and well below the previous market crunch in 2006/2007 when there were just under 5,000 homes available to rent.
Ronan Lyons of Daft.ie said that while rents continue to rise, the rate of inflation has slowed somewhat.
“One possible reason for the slowdown in inflation could be that the market has reached the limits of what tenants can pay,” he said.
“Digging beneath the figures, though, another reason suggests itself — improved supply.
“If true, this could indicate that the mild improvement in market conditions in Ireland’s rental market may continue.”
The Simon Communities of Ireland have said that the rental report shows that tenants nationwide are faced with a “huge disadvantage” in terms of housing.