'Grim' reading in latest rent report

Rents continue to rise across the country.

Things have “never been so grim” in the rental market according to the latest Daft.ie report. Rents across the country have continued to rise, including in Co Cavan.

“As Covid-19 moves from a shock that brought daily life to a standstill, to something more like part of daily life, pre-existing patterns and pressures are re-emerging in the rental market”, says economist Ronan Lyons who authored the report.

Locally, rents have risen by 18.6% over the past year to stand at an average of €970. The price for a three-bed house saw the largest increase locally. It now stands at €875, up 15.4% compared with 12 months ago.

A two-bed house rose by 13.1% to €762 a month, while a one-bed apartment now stands at €653, up 9.8%.

Rural counties saw the largest increases, with Leitrim seeing the largest percentage increase. It’s average now stands at €817, up 24.8% year-on-year.

Rents in other surrounding counties are all above an average of €900. Monaghan (€960), Longford (€925) and Westmeath (€1,222) all saw increases of at least 13%, while MEath (€1,551) and Louth (€1,420) rose by at least 8%.

The average monthly market rent nationwide has risen by 11.7% year-on-year, from just over €1,400 a year ago to €1,567 in the first quarter of this year. It’s also more than twice the rate seen a decade ago, €765 a month in late 2011.

There’s a clear divide between urban and rural counties, with rents in Dublin and the commuter belt rising but not at the same extent as counties in more rural parts.