Rents in Cork city soar close to €2,000 a month
The report shows that market rents in Munster rose 13% year-on-year, reflecting very low availability - just over 200 homes were available to rent on November 1.
According to the Daft.ie Rental Price Report for Quarter three of 2023, which is published today, rents in Cork city have risen by 10.2% over the past year, and the average rent is now €1,882.
In the rest of Cork, market rents were, on average, 11.7% higher in the third quarter of 2023 than a year previously, with the average listed rent now at €1,458.
Speaking to The Echo, Sinn Féin TD for Cork North Central, Thomas Gould, said that “€1,800 a month is not an affordable rent for any family.”
Mr Gould said such high rents are affecting people’s ability to save for a home of their own.
“I’m talking to people every week who are contacting me about the increase in rents forcing them out of properties,” he added.
Mr Gould said Sinn Féin would like to see the introduction of a rent freeze.
“A rent freeze for three years, that would give people security and they would be able to plan their finances,” he said.
“The rule of thumb is that your rent should be no more than one-third of your income, where’s what we’re seeing is people paying 50% or 60% of their income trying to keep a roof over their head,” he said.
“It’s shocking how some landlords, not all landlords but some, are profiteering off the back of ordinary people who are trying to work to support their families,” he continued.
The latest Daft.ie report states that the average market rent nationwide in the third quarter of this year was just under €1,825 per month.
This compares to a low of just €765 per month seen in late 2011.
Commenting on the latest report, associate professor in economics at Trinity College Dublin and author of the Daft.ie report, Ronan Lyons, said “the solution to high rents remains the construction of large volumes of new rental housing around the country”.
“There were almost 1,800 homes available to rent on November 1st, a 64% increase compared to the same date a year previously.
“However, having just 1,800 homes on the rental market for a country that has, as of the April 2022 Census, at least 330,000 households in the private rental market is far too little,” he said.
The report shows that market rents in Munster rose 13% year-on-year, reflecting very low availability - just over 200 homes were available to rent on November 1, largely unchanged on a year ago and only one quarter the level of availability seen during the late 2010s.
Socialist Party TD for Cork North Central, Mick Barry, said the report highlights that a “major” increase in social housing is needed.
“The number of properties available to rent are less than half the number available in the 2015-19 period. Rents are up more than 10% in Cork city and nearly 12% in Cork county.
“All of these are sure signs of Government and market failure.
“All of these are sure signs also that the country is crying out for a major increase in the building of social housing,” he said.
Speaking in the Dáil last month, Tánaiste Micheál Martin defended the Government’s progress on housing, saying it has “significantly turned the dial in relation to house construction”.
“In terms of over 30,000 houses constructed last year, and we will exceed targets again this year,” he added.
Meanwhile, Labour Party candidate for the city’s South East ward, Peter Horgan, said more must be done to tackle vacancy and therefore increase supply.
“Homes are lying empty while adult children continue to live in their parents’ house, with little to no hope of being able to afford a home of their own.
“We know that supply is the big issue when it comes to the housing crisis.
“It’s scandalous that we have such an enormous untapped supply of housing lying empty,” he said.
“The Vacant Home Tax simply isn’t enough to address the real scourge of dereliction.”
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