The average rent in Cork city is now an eye-watering €1,524.
That’s according to the latest Daft Report, which revealed that rent prices have rocketed again on Leeside, up 9.1% on 2020 in the city and higher than the national average of €1, 477.
The average rent charged in County Cork is now €1, 171.
There were just 2,455 homes available to rent in Ireland on August 1st this year (789 outside Dublin), the lowest number on record, and one the author of the report, economist Ronan Lyons describes as “an extraordinarily low figure for a country of Ireland’s size”.
Mr Lyons said Ireland’s housing problems have been further compacted by a rapidly growing population:
“It is very likely that Ireland’s population passed the five million mark at some point late last year. If Covid-19 hadn’t happened, we would have seen that confirmed in the 2021 Census ‐ but that has now been pushed back a year.” Lyons explained.
“Regardless, it means that in the fifteen years since the 2006 Census, Ireland has added over 800,000 people to its population. For context, it took Ireland 25 years to add the previous 800,000 people (1981-2016), and for an earlier instance of Ireland adding 800,000 people, you would have to go back to the pre-Famine period.
“But with all that population growth, next-to-no new rental homes have been added. Ireland’s rental sector is something like 50% larger now than fifteen years ago but the availability of homes to rent online is half of what it was then.”