Cavan rents rise by a fifth in just one year, according to Daft report

Rents in County Cavan have risen by 21% in the last year, according to the latest Daft rental report.

The increase in Cavan was 7% higher than the national average rate of increase of 14.1%.

Cavan has the fourth largest increase across 54 regions nationally included in the report. The most significant hikes nationally were also recorded in the north midlands with Longford (24%), Leitrim (22.3%) and Roscommon (20.1%) all seeing similar rises since quarter three last year.

The report also detailed there were just 220 homes listed for rent in Connacht-Ulster on November 1. While this is up from 170 a year ago, it remain only a fraction of the average level for the same date in 2010.

Between June and September, rents rose nationwide by an average of 4.3%. This is the single largest quarterly increase ever recorded in the rental report which began in 2006. The increase comes on the back of large increases in previous quarters, including an increase of 3.3% in the second quarter of the year.

As a result, rents nationwide were an average of 14.1% higher in the third quarter of 2022 than a year previously. This represents the highest annual rate of inflation in market rents recorded in the Daft Report since it was launched.

The report attributes the rise in rental costs over the last 18 months to an "extraordinary collapse in the stock available to rent". It recommends that in order to improve the situation more homes need to be built

"The compelling evidence from the rental market in Ireland over the last two decades is that, for any given level of rental demand, the best cure for high rents is supply."