Rents in Cork city soar to €2,241 on average, with 11.8% increase year-on-year
Two cities have experienced higher rates of rent inflation year-on-year than Cork, with Waterford up 12.5% to €1,818, and Limerick city rents are up 14.9% to €2,422.
Rents in Cork city have increased 11.8% year-on-year, to an average of €2,241 per month, according to new figures published today.
Nationally, rents have climbed by an average 1.6% in the second quarter of the year, with the monthly average now €2,055, new figures show.
According to the latest quarterly rental report by Daft.ie, the cost of renting rose for the 18th consecutive quarter.
Year-on year, the average listed price nationally rose by 12.3%.
In Dublin, the average monthly rent is €2,583, up 6.5%, while in Galway city rents average are €2,295, up 8.5%.
Two cities have experienced higher rates of rent inflation year-on-year than Cork, with Waterford up 12.5% to €1,818, and Limerick city rents are up 14.9% to €2,422.
Outside the five major cities, rents rose by an average of 6.2% over the last year to €1,670.
There were almost 2,300 homes available to rent nationwide on August 1.
This is down 14% year-on-year and close to half the 2015-2019 average for availability of homes to rent.
The author of the report, Ronan Lyons, professor in economics at Trinity College Dublin, said the substantial increases in rents were being driven by extreme scarcity of rental housing, relative to underlying need.
“Since the last report, the Government has moved to relax some of the strictest aspects of Ireland’s rent controls.
“While this is likely to help boost investment in new rental supply, those changes will not take effect until next year,” he said.
Pádraig Rice, Social Democrats TD for Cork South Central, described as “scandalous” an average annual rent of €26,892.
“This is further evidence that the Government’s plans and policies have utterly failed and that they need to change,” he said.
“It doesn’t have to be like this. There are solutions. We need the State to build more not for profit housing.
"This includes more social, affordable and cost rental units. It’s not rocket science. We did it in the past we can do it again.”
Labour Senator Laura Harmon said news of increasing rents in Cork was “soul destroying” for tenants saving for a mortgage and for renters struggling to make ends meet every week.
“The housing crisis is a solvable issue but we need a government that is willing to protect renters, radically increase housing supply and a real commitment to bring down costs for first time buyers,” she said.
Donnchadh Ó Laoghaire, Sinn Féin TD for Cork South Central, said rent increases in Cork were “just shocking” and showed the Government’s housing plan was not working.
“We need a radical change in direction if we are to address the deepening housing and homelessness crisis,” he said.
“That means a ban on rent increases for all tenants, a full month’s rent back into every private renter’s pocket, and a dramatic increase and acceleration in the delivery of social, affordable rental and affordable purchase homes.”
App?
