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Rent falls recorded in Daft report

With Leaving Certs results out today (Wednesday) there will be a mad scramble for accommodation right across the country from Donegal to Galway, Athlone, Limerick, Cork and Dublin.

There is good news for the thousands that will be seeking accommodation as rents have levelled off in the second quarter of 2011, according to the latest Daft.ie rental report.

This news maybe a small crumb of comfort as students who face cuts to the grant system, a €500 increase in the student's contribution charge and the possibility of fees being reintroduced.

In Ulster, rents between April and July rose by 0.2% on average, compared to a fall of 0.4% in the first three months of the year. The average rent in Cavan in the first quarter of 2011 was €525, a fall of €150 from the peak.

According to the report rents across the country were static in the second quarter of 2011, according to the latest report published by the property website Daft.ie. In July, the average asking rent in the country was €823 per month, the same level as twelve months previously.

Rents in Dublin and Galway have remained static over the past twelve months, while they rose strongly in Cork city - by an average of 4.7%. In Waterford and Limerick cities, rents are about two per cent lower than last year. Elsewhere in the country, rents are down by 2.6% on average.

Having fallen for three years in a row between 2007 and 2010, rents are on average unchanged compared a year ago. Compared with 2008, students renting a two-bedroom property could expect to save over the course of the academic year €1,500 in many parts of the country and up to €4,000 in some parts of Dublin.

Commenting on the report, Ronan Lyons, economist with Daft.ie said: "Recent years have shown a strong relationship between the number of properties available on the market and trends in rents. The total number of properties available to rent at any one time in Ireland's five major cities rose from 6,000 on May 1 to 8,000 at the start of August. The increase was pronounced in Dublin and unsurprisingly, having risen strongly for six months, Dublin rents stabilised in the last quarter."

Rents for double-rooms have fallen by two to three per cent in many parts of the country, but rose sharply in Limerick city and in Letterkenny. The average cost for a double room in Dublin city centre is about twice the cost of renting in towns like Castlebar and Letterkenny.