Monthly rents in Cavan climb towards €1,300 a month
The average price of rent in County Cavan is almost €1,300 a month, according to Daft.ie
The latest rental report covers the final quarter of 2023. It indicates that market rents in Ulster rose a further 2.5% - the 14th quarterly increase in a row.
The cost of renting a room in Cavan and Monaghan is now 17% higher on average than 12 months ago. In Cavan, the average price of rent stands at €1,294 - a 3.1% increase on the same period last year and a 15.6% year-on-year change.
The average cost of renting in Co Monaghan is €1,027 per month, a 1.6% difference compared to 12 months ago; while in Co Leitrim, renting a room will set you back €1,051 - a month, up 2.7% on this time last year.
According to the report’s author Ronan Lyons, by the end of 2022, everywhere in Ireland was seeing double-digit inflation in open-market rents.
Those double-digits increases have persisted in many parts of the country.
Meanwhile, in Munster, rents increased 10.8% in 2023; while the midlands counties of Leinster and its south-east also saw increases above 10%. And in Connacht the increase was almost 15%, while in the three Ulster counties - almost 17%. But in Dublin, rents in the open market rose by just 2.6% during 2023, with increases of between 2% and 3% seen in four of its six regions.
“In 2017 and 2018, about 4,400 apartments were built in the country, the vast majority in Dublin and the vast majority of those for rental,” continued Mr Lyons.
“This rate, of roughly 33 per week in Dublin, has increased substantially in the last five years – Covid-19 lockdowns notwithstanding.
“In 2022, an average of 133 apartments were built per week in Dublin; while in 2023, that rate increased further to 175 per week. Only a small fraction of those apartments were for owner-occupiers – an issue for another day – while a larger fraction were for social rental.
The need for new accommodation remains and outside Dublin hasn’t been addressed at all. Unless policy actions are taken to change course over the next few years, the number of new rental homes built in Dublin will fall again.”
Responding to the report, the Institute of Professional Auctioneers & Valuers (IPAV) said the decline in rental inflation in Dublin is evidence that the primary driver of price stabilisation or greater affordability into the future is supply. “The property market, for both rental and supply, has been dogged by ill-informed political debate which has resulted in far too many ‘stick’ measures, such as Rent Pressure Zones (RPZs) and not enough ‘carrot’ measures such as low interest finance for SME builders and developers,” said chief executive Pat Davitt.
“Outside of Dublin, where most building has taken place, largely with the support of investment funds, supply continues to be a major problem.
Large scale investment has really not expanded much outside of Dublin, and since the ECB has increased interest rates on a massive scale, the future of such investment is looking a lot weaker. Policy makers need to look urgently at how new buildings, for rental and purchase, can be encouraged throughout the country.”