Rent in Cork City 'spiralling out of control': New report shows costs of renting in Cork increased amid pandemic 

Rent in Cork City 'spiralling out of control': New report shows costs of renting in Cork increased amid pandemic 

The RTB Rent Index for the fourth quarter of 2020 has shown an increase of 4.5 per cent in rent in Cork City.

A new report has revealed that rent prices in Cork increased last year despite the Covid-19 pandemic, with Cork City recording the second-highest standardised average rent level at the end of 2020.

According to a report released by the Residential Tenancies Board (RTB), the cost of renting a home in Ireland grew by 2.7 per cent in the fourth quarter of 2020.

The national standardised average rent stood at €1,256, equal to its level in the third quarter of 2020.

In Cork, there was a 4 per cent increase compared to 2019 while Cork city had the second-highest standardised average rent level in the fourth quarter of 2020.

The standardised average rent in Galway city stood at €1,166 per month at the end of 2020 while in Cork City the average was €1,252.

Compared to 2019, Cork City saw standardised average rent increase by 4.5 per cent, which was the second-highest year-on-year change when compared to other cities.

In the previous quarter, average rent in Galway City was higher than Cork at the time. However, Cork City since surpassed Galway which saw a 7.9 per cent reduction in standardised average rent.

Eight counties had standardised average rents above €1,000 euros per month: Cork, Dublin, Galway, Kildare, Limerick, Louth, Meath, and Wicklow.

Cork was the only city to see an increase in rent prices between the third and fourth quarter.

Following the report, Sinn Fein TD for Cork North Central, Thomas Gould has called on the Minister to ensure that the eviction ban would remain in place for the entirety of the pandemic.

He said that rents are becoming “more and more unaffordable for ordinary workers and families”.

“It’s clear that the rental market is not just unaffordable, it is out of control. Instead of stripping renters of their rights, the Minister should be bringing forward innovative and new solutions to support them.

“We know that rents in Cork city are spiralling out of control. In the middle of a pandemic, when people are losing their jobs and struggling we should not have seen rents rise."

“What’s needed now is a full eviction ban for the duration of the Covid-19 pandemic. We need a 3-year rent freeze and we need real controls on this sector.” 

Solidarity TD Mick Barry described the hikes as “greedy”.

“Jacking up the price of rent in the middle of a global pandemic is about as greedy as you can get,” he said.

“A league table of pandemic era rent increases is a league table of greed and Cork’s landlords are right up there at the top of the table.

“We need real rent controls in the form of rent cuts and we need to keep the ban on evictions in place at least until the pandemic is over,” he added.

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