Rental report makes 'grim reading' as monthly rates in Cork rise yet again

A new report has revealed that rent prices have once again increased in Cork, with the average rent in Cork city standing at €1,344 per month, up 6.3% from last year.

According to the report, released by the Residential Tenancies Board (RTB) this week, the cost of renting a home in Cork county has also grown - at an even higher rate than Cork city, up 9.4% from last year at €1,051 per month.

The national standardised average rent stood at €1,352 per month for the second quarter of this year (April to June). The figure shows an increase of €32 per month compared to the previous quarter.

At 7%, the growth rate of rent prices in Ireland for the quarter was the highest since the beginning of 2019.

Cork city had the third-highest standardised average rent level in the quarter, behind Galway city, where the standardised average rent stood at €1,355 per month, and Dublin city, where the standardised average rent stood at €1,775 per month.

The 9.4% increase in Cork county was the highest year-on-year change in a county with a major city.

The most expensive area of Cork city to rent in was Cork city south west, at an average of €1,439 per month. The most expensive area outside of the city to rent in was Carrigaline, with an average rent of €1,384 per month.

Seven other counties have standardised average rents above €1,000 per month: Kildare, Kilkenny, Laois, Limerick, Louth, Meath and Wicklow.

Padraig McGoldrick, Interim Director of the RTB, said that rents have “rebounded quickly” since the start of the pandemic and seem to be increasing particularly rapidly along the commuter belt, suggesting a trend in long term lifestyle choices.

“The level of increase is a source of concern. While there may be legitimate reasons reflecting the rate of increase, it may also indicate an unacceptable level of non-compliance by landlords with rent setting regulations restricting rent increases,” Mr McGoldrick said.

“The impact of not complying with these measures can be very severe.”

Sinn Féin TD for Cork South Central Donnchadh Ó Laoghaire has called for action to be taken to address the “rental crisis”.

“The report is grim reading. Figures show that Cork city has the third-highest average rent in the State. The rental sector is still in crisis. The delivery of the long-promised cost rental legislation is slow and even then, most of these rents will not be genuinely affordable,” he said.

“Ordinary people cannot afford to rent nor can they afford to buy. They remain stuck. This is not a normal way to live and it cannot continue. There is action that can be taken to address the rental crisis. It just requires political will.”