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17/11/2009
Rents At Ten Year Low
Rents across the country have fallen to a ten year low, according to findings from property website Daft.ie.
The latest report published by the property respected property website said the cost of renting a property fell by a further 4% in the past three months.
The national average rent now stands at €771 - the lowest level in almost 10 years.
Dublin rents were the most affected, falling by as much as 5% in the last quarter, while rents in Galway remained static. Cork and Limerick cities fell by 2.5%, Waterford fell more sharply, down almost 4%, while elsewhere around the country, rents fell by an average of 3.8%.
Commenting on the report, Ronan Lyons, Economist at Daft.ie said: "While the number of properties available to rent is still at an all-time high, it would appear that these latest price falls are starting to have a positive effect on supply. In Dublin, where drops have been higher than average, the total number of properties available to rent fell by almost 8% in the past 3 months alone."
He added: "These recent falls in rent have pushed the average rental income back to levels last seen in 2000, which has much wider implications - NAMA was predicated on rents and yields remaining high between now and 2020. However currently the yield on residential property has risen by just 0.1% in the last year, to 3.4% on average, compared to the NAMA benchmark of 6%."
The Daft Rental Report is based on an analysis of all rental properties advertised on Daft.ie since January 2002, including over 130,000 since January 2009.
(DW/GK)
The latest report published by the property respected property website said the cost of renting a property fell by a further 4% in the past three months.
The national average rent now stands at €771 - the lowest level in almost 10 years.
Dublin rents were the most affected, falling by as much as 5% in the last quarter, while rents in Galway remained static. Cork and Limerick cities fell by 2.5%, Waterford fell more sharply, down almost 4%, while elsewhere around the country, rents fell by an average of 3.8%.
Commenting on the report, Ronan Lyons, Economist at Daft.ie said: "While the number of properties available to rent is still at an all-time high, it would appear that these latest price falls are starting to have a positive effect on supply. In Dublin, where drops have been higher than average, the total number of properties available to rent fell by almost 8% in the past 3 months alone."
He added: "These recent falls in rent have pushed the average rental income back to levels last seen in 2000, which has much wider implications - NAMA was predicated on rents and yields remaining high between now and 2020. However currently the yield on residential property has risen by just 0.1% in the last year, to 3.4% on average, compared to the NAMA benchmark of 6%."
The Daft Rental Report is based on an analysis of all rental properties advertised on Daft.ie since January 2002, including over 130,000 since January 2009.
(DW/GK)
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