Dublin Rental Prices Are Now Just 6% Off Boom Levels
Daft.ie always have some great data that can help show what is happening in the Irish housing market. Their quarterly report shows that the rental market is especially painful for people trying to find a place to live. The main problem seems to be lack of supply with very small amounts of new property coming on the market in the last 7 years. As author of the report Ronan Lyons says:
"The slow-down in rental inflation in Dublin at a time when new listings are sluggish suggests that a limit to affordability has been reached there. Over the last 12 months, availability has stabilised in Dublin at very low levels, while it has tightened further in the Commuter Counties. The underlying lack of construction in a city growing by roughly 10,000 new families every year has created a new generation of commuter, one driven not by preference for green space but by the hard maths of affordability."
Dublin Still Massively Expensive
Close to double digit growth in the capital as supply continues to be an issue. As you would expect D4 is the most expensive area to rent in the capital.
Supply The Issue
As the graph below shows supply has been decreasing over the last few years, despite the fact that there are 10,000 new families looking for rental properties every year in Dublin.
Dublin Versus Rest Of Country
For anybody out pounding the streets trying to rent a gaf in Dublin, none of the above is going to be any great surprise as the horror stories have been ongoing for the last couple of years. For any young professionals looking to move home or people moving here for work, the numbers would be a huge worry and could even put you off moving here.
Excellent info as always from Daft. Read the full report here