Tipperary rents up 8% on last year

Rents rose nationwide by an average of 11.8% in the year to June 2017, according to the latest quarterly Rental Report by Daft.ie.

The average monthly rent nationwide during the second quarter of 2017 was €1,159, the fifth quarter in a row a new all-time high has been set.

The rate of inflation represents a slight slowdown in inflation from the rate recorded in the first quarter of 2017 (13.4%), which was the second largest on record.

In Tipperary, rents were on average 8% higher in the second quarter of 2017 than a year previously. The average advertised rent is now €702, up 25% from its lowest point.

In Dublin, the increase in rents in the year to June 2017 was 12.3% and rents in the capital are now over 18% higher than their previous peak in 2008, or €260 a month. In Cork, rents rose by 6.8% in the year to June, the slowest rate of inflation since early 2014, while in Galway, rents were 10% higher than a year previously, the eleventh straight quarter of double-digit increases in the city. In Limerick city, rents rose 10.8% in the last year, while in Waterford the increase was 8.4%. Outside the cities, rents have risen by 11.9%.

There were just 2,930 properties available to rent nationwide on August 1st. This is the lowest number ever recorded, in a series that starts in January 2006, and the first time ever that fewer than 3,000 homes were available to rent. In Dublin, there were just 1,100 homes available to rent, compared to 2,000 on the same date in 2014.