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  • Northside West

Rents continue upward trend

Wednesday, 28th August, 2019 8:00am
Rents continue upward trend
Rents continue upward trend

RENTS on Northside properties are now over €1,900 a month with city centre units fetching more than €2,000.

Despite a fall in the rate of rental inflation, rents in the city were on average 4.5 percent higher in the second quarter of 2019 than a year previously.

Tenants now have to fork out 40 percent more to rent a property than they did during the peak at the end of 2007.

According to the latest Daft.ie rental report, annual inflation has fallen from a high of 13.4 percent in mid-2018 to 4.5 percent now.

But that reduced figure will be cold comfort to those looking to rent who’ll be paying an average of €1,909 a month in the North City and €2,064 in the city centre.

But Ronan Lyons, economist at Trinity College Dublin and author of the Daft Report, said the slowdown in rental inflation would be welcome news to tenants and policymakers.

“It is more likely driven by limits to affordability than improved supply, however,” he added.

“Availability on the rental market remains at levels that were unprecedented prior to 2015. For example, in the Dublin market, there were just 1,541 properties available to rent on August 1. While that’s up from 1,121 two years ago, it’s well below the average of 4,700 for the preceding decade.

“Building new rental supply remains critical to fixing the rental market. New figures in this report suggest that up to 25,000 new rental homes will be built over the coming few years.

“These will certainly help address the supply-demand imbalance. Stopping further inflation should be just the first target for policymakers, however. Bringing rents down to affordable levels must remain the ultimate goal.”

There was bad news for students in the report with the cost of a single or double room in Dublin increasing by four percent over the last 12 months.

There is currently an estimated shortfall of close to 70,000 rental homes in Dublin with roughly 25,000 new built-to-rent (BTR) units either being planned or built.

In the North City seven BRT and five private developments will see close to 3,000 rental properties coming to the market by 2025.

In the city centre, nine BRT and five private developments will add almost 4,400 units to the rental stock.

Raychel O'Connell, Communications Manager of Daft.ie, said students, young professionals and families alike continue to have great difficulty in securing rental accommodation nationwide.

“For the 13th quarter in a row we have seen unprecedented high rents across the country,” she said.

“With rents at a record high and availability at a record low it is clear that supply is needed more than ever in the Irish property market."

Read the digital editions of the Dublin People Northside East, Northside West & Southside here