‘Chronic and worsening’ supply crisis heaps pressure on renters as prices climb sharply.
Just 789 homes were available to rent outside of Dublin on 1 August.
THE PANDEMIC HAS spurred on the sharpest year-on-year rise in residential rents across the country since 2019, as the number of units available collapsed to its lowest level on record, according to property site Daft.ie. Average national rents climbed by 5.6% in the year to the end of June due to “an unprecedented scarcity of rental homes”, according to the latest Daft Rental Report. The average national monthly rent in the quarter was €1,477, up 2.4% from the first quarter, the largest quarterly gain since mid-2018. Just 2,455 rental homes were available across the country on 1 August, the lowest number since records began in 2006. Report author and associate professor in economics at Trinity College Dublin Dr Ronan Lyons said the hope for renters is that August marks the low point in terms of supply, “as has been the case in other years and reflecting the timing of leases for the academic year”. “But the underlying pressure on Ireland’s rental system is intense and the supply shortages are chronic and worsening,” he continued.