There are almost 40% fewer properties available to rent compared to this time last year according to the latest quarterly Rental Report by Daft.ie. Nationally, rents have risen by over 10% in the space of 12 months, with the national average rent now €915 compared to €825 a year previously.
This will seriously impact on Clare third level students seeking accommodation in towns and cities across the country.
In Clare, rents were on average 2.2% higher in the second quarter of 2014 than a year previously. The average advertised rent is now €554, a fall of 27% from the peak.
Rents rose in every county, bar Donegal, and all city centres experienced rises of between 3% in Waterford and 17% in Dublin. There are now 6,800 properties available to rent across the country, down from 11,000 in August 2013.
Domhnall McGlacken-Byrne, Trinity College Dublin Students’ Union president has stated that this is a “source of alarm” for prospective tenants and suggested that “Non-EU students might well choose to pursue their studies elsewhere”.
In Munster, rents rose by an average of 2.8% in the year to June 2014, compared to static rents a year previously.
Commenting on the report, Ronan Lyons, economist at TCD and author of the Daft Report, said, “For students looking for accommodation, the 2014/2015 academic year is likely to prove one of the toughest for over a decade. The imbalance between supply and demand is particularly acute in Dublin, where rents are closer to their 2007 peak than their lowest point in 2010. In a market like this, it is easy to panic so it is important that prospective tenants do their research ahead of making any decisions.”
Year-on-year change in rents – major cities, Q2 2014
Dublin: €1,345, up 17.2%
Cork: €866, up 7.4%
Galway: €845, up 6.7%
Limerick: €682, up 6.3%
Waterford: €608, up 2.8%