Property rental market report shows Dublin rents increasing

Property rental market report shows Dublin rents increasing 

 

The recent Daft report on the property rental market shows that rents in Dublin rose by 2.1%. Year on Year rents have risen by 2.9% in South Dublinand by 2.1 % in Dublin City Centre. Quarter on quarter rents have risen by 1.4% in South Dublinand by 2.6 % in Dublin City Centre.

 

The main reasons are that there have been little or no new properties built in the last 5 years and there have been very few first time buyers over the same period.  That equates to 5 years of people coming of property buying age deferring buying a property and renting instead.  The pressure on the rental stock would be worse except for the number of Irish people who have emigrated or foreign nationals who were renting in Ireland leaving the country.

 

With no sign of new builds, I expect rents in Dublin to continue increasing quarter on quarter and year on year as the lack supply of new properties and lack of mortgages from banks for home owners will continue.