The crisis is deepening.
A new report into the cost of rent nationally shows that for Ireland’s rental sector, it’s like the pandemic never happened.
According to the latest Daft Rental Report, released this morning, the average market rent, per month, rose from just over €1,400 a year ago to €1,567 in the first quarter of 2022.
In Cork, the average rent is now a whopping €1,600, an increase of 10.2% in the year.
“This level of rents is over twice the low of €765 per month, seen just over a decade ago in late 2011,” says Daft’s Ronan Lyons.
“It is also more than 50% higher than the Celtic Tiger peak of €1,030 per month, seen in the first quarter of 2008.”
Since then, the availability of new rental homes has collapsed. In fact, on May 1st this year, there were just 851 homes available to rent nationwide ‐ down 77% year-on-year.
“The average number of homes available to rent nationwide at any point in time over the fifteen-year period 2006-2021 was nearly 9,200 ‐ over ten times the supply available currently,” added Mr Lyons.
“As ever, in a rental market dogged by chronic and worsening shortage of homes, the only real solution is to increase the number of homes. With more pressure from certain quarters to stop new rental homes being built, policymakers must hold their nerve.”