Rents are still on the rise.

The latest Daft.ie report paints a grim picture for Cork renters, revealing that while there was a welcome 1.1 per cent decrease in city rents compared to the previous quarter, yearly figures show an eight per cent increase.

This means the average Cork city renter is now shelling out €1,870 a month, a significant 33 per cent jump from pre-pandemic levels.

County Cork renters aren’t faring much better. Here, rents have climbed 4.1 per cent year-on-year, with the average monthly rent reaching €1,427 – a hefty 37 per cent increase since the pandemic began.

In comparison, renters in Kerry pay an average of €1,304. The average Limerick City rent is now €1,406, rising to €1,608 in Waterford, €1861 in Galway and a whopping €2,353 in Dublin City.

If you’re wondering whether it’s cheaper to buy or to rent, the report revealed that the average mortgage for a three-bedroom house in Cork city is €1,173, while the average rent for a similar property is €1,808.

‘The good news is not about rents becoming more affordable’

According to the report’s author, Ronan Lyons, improved availability of rental homes – particularly in Dublin, although not solely there – from late 2022 to late 2023 – led to falling inflation.

“Whether the Munster inflation slowdown is a blip or the start of a wider trend will only be seen in future reports.” Mr Lyons said.

“But, all told, the national rate of inflation in market rents – at 4.9 per cent – is at its lowest rate in three years and down dramatically from the 14.1 [er cent recorded in mid-2022.

This represents the good news. But even then the good news is not about rents becoming more affordable, after a decade of almost uninterrupted
growth. Rather it is about rents increasing at a slower rate than in recent years.”