Longford is one of the cheapest places in Ireland to rent
Longford and Leitrim are the cheapest places to rent in Ireland although rents rose in both counties in the second quarter of this year. The latest Rental Report from Daft.ie shows that in Longford, rents were on average 11.3% higher in the second quarter of 2017 than a year previously. The average advertised rent is now €580, up 44% from its lowest point.
In Leitrim, rents rose by 6.9% in the second quarter and the average advertised rent is €525, the lowest in the country.
Rents rose nationwide by an average of 11.8% in the year to June 2017, according to Daft.ie. The average monthly rent nationwide during the second quarter of 2017 was €1,159, the fifth quarter in a row a new all-time high has been set. The rate of inflation represents a slight slowdown in inflation from the rate recorded in the first quarter of 2017 (13.4%), which was the second largest on record.
In Dublin, the increase in rents in the year to June 2017 was 12.3% and rents in the capital are now over 18% higher than their previous peak in 2008, or €260 a month.%.
There were just 2,930 properties available to rent nationwide on August 1 which is the lowest number recorded since Daft reports began in 2006, and the first time ever that fewer than 3,000 homes were available to rent. In Dublin, there were just 1,100 homes available to rent, compared to 2,000 on the same date in 2014.
Commenting on the report, Ronan Lyons, economist at Trinity College Dublin and author of the Daft Report, said: “The start of the academic year in September traditionally meant that July and August are two of the busiest months for the rental market each year. In the last two years, however, there has been no summer rush of properties to rent. In a market with such chronically deficient supply, it is therefore unsurprising to see rents reach a new high.
“While rent controls may help sitting tenants, they make the market even tougher for those looking for a new home. The rental market remains in severe distress due to a lack of supply and thus the appropriate policy response is to boost supply of all forms. This includes purpose-built student accommodation. Based on demographics and other factors, Dublin alone needs a block of 300 student beds approved every month until the late 2020s.”
Research commissioned by Aviva today shows that parents will pay over €5,000 a year to send a child to third level. However that figure doubles to over €10,000 if the student lives away from home.
Katie Ascough and Kevin Keane, Presidents of UCD and TCD Students' Unions, stated: "Over 50,000 Leaving Cert graduates from the class of 2017 are now looking for a place to stay before September. The lion's share of that group will be seeking accommodation in Dublin, Cork and Galway - the most competitive areas of a housing market in crisis. A cursory glance at the available data shows the challenge awaiting them."