Market rents in Cavan grow to €1,162 per month - Daft.ie
DEBATE State is failing renters – Deputy Tully
Market rents in County Cavan have grown to an average listed monthly rent of €1,162, up 147% from its lowest point reflecting a lack of availability. That’s according to the latest report from property website Daft.ie
It showed that rents in the Breffni county were almost 20% higher in the first quarter of 2023 than a year previously. It’s ahead of the provincial trend - rents in the three Ulster counties rose 17.2% year-on-year, while the national average was 12%. Nationally, however, the report signals a slowdown in inflation with average rents up by just one per cent compared to the final quarter of 2022 - the smallest increase since 2020.
Sinn Féin TD for Cavan-Monaghan Pauline Tully has accused the Government of ‘failing renters’ following the publication of the latest figures.
“The average new rent across in County Cavan is now a staggering €1,162. This is totally unaffordable for people on ordinary incomes,” said the Kilnaleck based TD.
“It is clear that the housing crisis continues to be totally out of control and ordinary people are paying the price for this government’s failures.
“The housing crisis is devastating people’s lives in County Cavan. Generations are locked out of home ownership, trapped paying crippling rents and feeling they have no hope of ever owning their own home. This means lives put on hold, as people struggle to keep afloat and keep up with sky high rents,” lambasted Deputy Tully.
She hit out at the Government’s record on housing in this area describing it as “appallingly low”.
“Just 684 cost rental homes were delivered last year across the State. This is a drop in the ocean of what is needed to make a real difference,” said Deputy Tully.
“Government must accept that its cost rental targets are too low. They must also accept that the price of these cost rental units is too high. They must dramatically increase and accelerate the delivery of these much-needed cost rental homes and ensure that they are genuinely affordable to working people in County Cavan,” she contended.
Deputy Tully says Sinn Féin in government would deliver “genuinely affordable homes for people to rent and buy”.
National average
The average market rent nationwide between January and March was €1,750 per month, compared to €1,387 in the first quarter of 2020 and a low of just €765 per month seen in late 2011.
Nationwide, there were just 959 homes available to rent on May 1. Just 83 of these were in Ulster - above the level seen on the same date in 2022 but less than half the typical availability seen during the late 2010s.
Economist Ronan Lyons, author of the report remarked: “The figures in this latest report offer some crumbs of comfort for those of us gravely concerned about the health of Ireland’s rental market.
“For over a decade now, the rental market has been characterised by worsening availability and, as a consequence, higher and higher rents.”
The figures quoted in the report refer to open market rents but the report also includes an index of rents paid by sitting tenants, rather than movers, using a bespoke survey of tenants. It shows that, on average, rents paid by sitting tenants have increased by 4.1% over the last 12 months, with bigger percentage increases outside Dublin than in the capital. Since the introduction of Rent Pressure Zones in 2016, rents of sitting tenants have increased by roughly 20% on average, compared to an average increase in open-market rents of three quarters over the same period.