Dublin's rental inflation has started to stabilise but average monthly rents in the capital are now a whopping €2,344 a month, according to the latest Daft.ie report.
Nationwide rents are now 10.7% higher than they were a year ago at just under €1,800 per month. This compares to €1,387 in the first quarter of 2020 and a low of just €765 per month seen in late 2011.
Average monthly rents in Dublin are now €2,344 which is 59.8% of the national median income. This marks a 8.0% year-on-year increase from the second quarter last year..
The report found that rental trends in the capital told a very different story than the rest of the country from March until June. In Dublin, market rents rose by just 0.3% quarter-on-quarter, marking the second quarter in a row of minor increases.
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However, the rest of the country saw a huge 4.3% average increase between March and June. This is the second largest quarterly increase recorded outside of Dublin since the Daft Report started back in 2006.
Sinn Fein Housing spokesman Eoin O Broin said that a new approach is urgently needed as "too many people are being forced into the private rental sector".
“Government has failed to deliver a sufficient volume of social and affordable homes," he said. "Their controversial policies such as Help to Buy and the Shared Equity Loan have pushed up house prices.
"As a result, too many people are being forced into the private rental sector, which is unable to meet their housing needs.
“Government urgently needs to adopt a different approach. They need to understand that unless we see the delivery of 20,000 public homes a year to meet social and affordable rental and purchase need, then this crisis will continue."
Labour Senator Annie Hoey said that people are "trapped in an endless rental market nightmare" as they can’t afford to save for a deposit whilst keeping up with monthly payments.
"While rents have "stabilised", the issue for renters is it remains utterly unaffordable," she said. "Coupled with poor supply, renters remain at the mercy of landlords.
"That's why Labour is urging Government to wake up and implement Labour's Renters' Rights Bill which would, among other measures, introduce a transparency register so prospective renters can see what rents previous tenants were charged.
"Increasing transparency in the market is just one of a range of measures currently lacking.
"Outside of the capital, it’s staggering to see the lack of rental homes available for renters, and the huge annual increase in rents in places like Galway, Limerick and Waterford. Rents are rising nationwide, but so too is the cost of living, the price of groceries, meanwhile wages just aren’t keeping pace."
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