‘Soul-destroying’ increase in Cork City rents sparks concern among councillors

Rents paid by tenants living in Cork city have increased yet again in the past three months and is up more than 10% on the same period last year and the trend seems likely to continue in an upward direction.

According to the latest figures provided by the property website Daft.ie, the average rent paid in Cork city at the end of the third quarter of 2024 was €2,077, up from €2,005 at the end of June this year.

Hike

This latest hike represents an increase of 10.4% on this time last year.

Associate professor of economics in Dublin’s Trinity College Ronan Lyons said the latest figures indicate that the gap between the cost of renting accommodation in Dublin and elsewhere in the country is narrowing because even though the rate of increase in the capital was slowing, it was surging throughout elsewhere with double digit growth in Kilkenny, Cavan, Roscommon, and Cork City.

The rate of increase in the county, at 6.4%, is lower than the national average which was 7.2%. The average rent throughout the county is €1,551.

“The target for the new Government has to be to give the same priority to the rental sector that has been given to owner-occupiers and to social housing over the last few years — otherwise it’s hard to see when conditions will change,” said Mr Lyons.

Cork South Central Labour Party candidate Laura Harmon described the latest rent increase as “soul-destroying for people trying to save for a mortgage already contending with steep and rising prices to buy homes”.

Protections

“These rent increases are also putting more people at risk of homelessness,” said Ms Harmon.

“We need more protections for renters to stop the increased costs and to ensure we end no-fault evictions.”

Cork East Fine Gael candidate Mark Stanton described himself as a ‘renter’ who understands the challenges faced by tenants and wants to bring this perspective to the Dáil.

“In Government, Fine Gael introduced the renters’ tax credit and the party has a plan to increase to €1,500 for an individual and €3,000 for a couple,” he said.

“Fine Gael will also maintain the rent pressure zone framework and help keep rent increases under control in high demand areas.”

Worrying

Cork South Central Social Democrat candidate Pádraig Rice described the 10% increase in rents as ‘really worrying’ and proof that the government’s plans for affordable housing had ‘failed’.

“Right now, rents in Cork are unaffordable, and house prices are far too high for people on average incomes,” he said.

“We need far more houses to be built — but not any kind of housing — we need more affordable and social housing.

“It is the only way to end the housing crisis.”

Sinn Féin Cork North Central TD Thomas Gould said that his party would immediately implement a three-year rent freeze if they were elected to lead a government.

“It’s all about supply, there are over 5,000 vacant properties, not derelict, in Cork,” said Mr Gould. “We would introduce a vacant property levy that would impose a massive levy on landowners not using their properties and would encourage them to get into the rental market.”