22/11/2010

Rents Increase Across Ireland

The average property rental value rose by 0.3% during the third quarter of 2010, according to the latest report published by the property website, Daft.ie.

The average rent nationwide now stands at €840. Following a similar rise in the first quarter, it means that rents in October were just 2% lower than a year previously and 27% below peak levels of 2008.

The stabilisation is being driven by urban areas, where rents have, in some places like South County Dublin, increased in each of the last three quarters.

In Dublin city centre and the North city area, rents rose 0.9% between July and October.

Rents in Cork rose by 0.4% while rents in Galway rose 3.2% in the same period, reflecting seasonal demand.

In Limerick and Waterford, there was an increase of close to 1%. Outside the main cities, however, rents typically fell by 0.7%, a continuation of ongoing falls in rents outside cities during 2010.

Commenting on the report, Ronan Lyons, Economist at Daft.ie, said: "Indications that rents are levelling off reflects a better balance between supply on the market and demand. The total number of properties sitting on the rental market around the country is down more than a quarter from a year ago. Indeed, in the cities, the fall is closer to a half. While some parts of the country still look over-stocked, what is sitting on the Dublin market largely matches the number of properties traded in a given month, a sign that the market is currently in balance."

Average rents in the cities, in quarter three of 2010 are Dublin: €1079, up 0.3% on Q2; Cork: €1079, up 0.3%; Galway: €1079, up 0.3%; Limerick: €1079, up 0.3% and Waterford: €1079, up 0.3%.

Rent-a-room income in Dublin is generally 5% below what it was a year ago. A double-room in the city centre now typically costs €515 a month.

August marked the seasonal peak of activity, with almost 16,000 properties coming off the market, compared to 12,500 in October.

The most expensive two-bedroom rents are to be found in Dublin 2 and Dublin 4, where they average €1,250 a month. In a number of Dublin postcodes, two-bedroom rents average less than €900 a month.

(GK)

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