Rents have increased by nearly 12% over the last year according to a study carried out by one of Irelands busiest property websites Daft.ie. With an increase of 11.9% rent inflation is now at its highest level since the Daft Report was started in 2002. The average rent nationwide now stands at €1,382, approximately €150 more than this time last year.

Over the last year, the supply of properties available for renting has fallen by about 20%.  The fall in supply may represent some investors selling their properties and leaving the Irish rental market.

On top of this, many people who have been priced out of the residential sales market are staying in their present rented accommodation.  This is affecting supply, as it reduces the number of properties becoming available for rent. At the same time, demand is at an all-time high due to the ‘demographic bulge of people at renting age and high levels of immigration’.

In Dublin, rents are up by 12% on average. Areas closest to the city centre have seen greater increases in rents than more outlying suburbs. Rents in Dublin 1 and Dublin 2 have increased by up to 20% in the past year.

This compares with growth of less than 10% in areas such as Dublin 24 and North County Dublin. The largest increases in rents have been for four and five-bedroom properties in South Dublin, where rents have increased by up to 50% in the last year.

So wonderful news for those of us who cannot afford to buy so much as a garden shed in Ireland. Now we have to struggle will rent hikes…..is it time to move country?!

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