County Cavan experienced a significant increase in rental costs in the final quarter of 2017 according to a recent report by Daft.ie. The figures suggest that the average advertised rent in the county is now €663 per month.
Rents rose nationwide by an average of 10.4% in the year to December 2017, according to the latest quarterly Rental Report by Daft.ie. The average monthly rent nationwide during the final quarter of 2017 was €1,227, the seventh quarter in a row a new all-time high has been set.
The annual rate of inflation represents a slowdown in inflation from the rate recorded in 2016 (13.5%), which was the largest annual increase on record. In Cavan, rents were on average 9.1% higher in the final three months of 2017 than a year previously. The average advertised rent is now €663, up 41% from its lowest point.
In Dublin, the increase in rents in the year to December 2017 was 10.9% and rents in the capital are now 26%, or almost €380 a month (€4,500 a year), higher than their previous peak in 2008. Most of the other major cities saw similar changes in rents during 2017. In Galway and Waterford cities, rents rose by a little over 12% during the year, while in Limerick city, rents rose by 14.8%. In Cork, the increase in rents was 7.7%, while outside the five main cities, rents rose by 9.8%.
Author of the Daft Report, economist Ronan Lyons, said the housing crisis is dictating the rise in rental costs: “2017 marks the fourth consecutive year of double-digit gains in rents nationwide. The underlying pressure for rising rents remains due to a chronic shortage of available rental accommodation, at a time of strong demand.”
Martin Clancy from Daft.ie said: “On average, over 1,000 property searches are now taking place every minute on Daft.ie. On a monthly basis, we are seeing over 2.5 million unique users logging onto the site."