Rents in Cork city rise by 14%

Rents in Cork city rise by 14%
Map showing the increases in rents in Munster for the third quarter of 2018. Source

RENTS in Cork city have risen by almost 14% to an all-time high in the last 12 months - despite government caps that are meant to limit increases to 4% per year.

The average rent in the city is now €1,301, up 13.7% on the same quarter in 2017.

In the rest of Cork county, rents were on average 10.1% higher in the third quarter of 2018 than a year previously. The average advertised rent is now €941, up 61% from its lowest point.

Nationwide, rents rose by an average of 11.3%, representing the tenth consecutive quarter in which a new all-time high for rents has been set. Rents in Ireland are now 30% higher than they were at the peak of the Celtic Tiger.

"The latest figures, showing a further strong rise in rents around the country, may not be surprising," said economist Ronan Lyons, who wrote the report. "Nonetheless, the condition of the private rental market remains a cause for huge concern, with very strong demand not being met by supply."

The biggest rise in Cork rents was in larger houses. The average rent for a five-bedroom home in the city is now €1579, up 20.2%. But every type of housing showed an increase, with a one-bedroom apartment in the city now commanding an average €972 in rent.

Rental property continues to be in short supply, with just under 660 homes available to rent in Munster on November 1, 13% lower than the same date in 2017.

Mr Lyons said construction of urban apartments should be prioritised.

"A comparison of the country’s households and its dwellings reveals an acute shortage of apartments, not family homes," he said. "However, the recent increase in residential construction is being driven by estate houses, not apartment schemes. "Dramatically increasing the construction of urban apartments, for both market and social housing sectors, must become the priority for policymakers in 2019.” 

Renting an individual room is also becoming more expensive, with a single room in Cork city centre now costing an average of €467. A room with a single bed in a Cork suburb is likely to cost €398, or €391 in Cork commuter towns.

Rent for a double bedroom in Cork city is up 11%, to an average of €545 per month. The same size room is likely to cost €480 in Cork commuter towns and €505 in the suburbs.

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