Bad News For Dublin's Renters As The Renting Market Is Set to Soar
The report also warns potential renters about a lack of vacant accommodation
Just when you thought that renting in Dublin couldn't get any worse...
A new study on the rental housing market has shown us that rents will rise by between 22% and 26% over the next two-and-a-half years.
The research has been carried out by the real estate company Savills and is based on CSO data.
The researchers stated they found a link between the percentage of vacant rental properties and the rate of rent increases. The Director of Research at Savills, Dr John McCartney has said:
There's a very strong relationship between movements in the vacancy rate and movements in rental growth. Over the last 31 quarters, 95% of all the ups and downs in the rental growth index have been explained by movements in the vacancy rate.
The report also warns potential renters about a lack of vacant accommodation.
In the aftermath of Brexit, there are worries that Dublin's renting options could be even more scarce, with the possibility of companies favouring an Irish base instead of one in the English capital.
Senior Editor for Bloomberg News in Berlin, David Rocks says it will be a factor for businesses on the move.
Mr Rocks said:
People need to live somewhere, they need offices and they need homes, and if they can't find that then it's going to be tough for Dublin to make the argument, and for Ireland to make the argument that people should be moving there.