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25 Sept 2022

Tipperary rents have risen more than 12% in a year according to new Daft report

Tipperary TD Martin Browne called the figures 'deeply troubling'.

Tipperary rents have risen more than 12% since this time last year

Tipperary rents have risen more than 12% since this time last year

Tipperary rents have increased by 12.3% in a year. 

This is according to the Daft.ie Rental Price Report for quarter two of 2022. 

Rents this quarter rose 4.3% in Tipperary. 

The average rent in Tipperary now stands at €1,089. 

Reaction

Following the report’s publication, Sinn Féin TD Martin Browne said the Government has ‘lost control of the housing market’. 

He called the numbers’ deeply troubling’ and said they were putting a strain on workers and families already struggling with rising living costs. 

“Rents were already far too high, and too many people here in Tipperary are trapped by the housing crisis and locked out of owning their own home. This is a very worrying crisis, and people cannot afford to continue paying these spiralling costs,” said Mr Browne.

Mr Browne said he hears from many people needing help, and the cost of rent keeps young people in expensive flats or in the family home.

“Every day, people are contacting me looking for help with this crisis, including young families stuck in cramped flats that they’re paying through the nose for, and young people living at home with their families while they anxiously watch house prices creep further and further out of their reach,” said Mr Browne.  

Rent or Buy

The Daft.ie report also compares average mortgage payments to rental as well as accounting for a 2% increase in mortgage repayments. 

Based on a 3.25% variable mortgage for a 30-year term with 85% LTV, the report compares average rents to mortgages in a one-bed apartment and three, four and five-bed houses. 

A one-bedroom apartment in Tipperary would cost €344 a month to buy and €732 to rent. 

Adjusting for a 2% increase, the mortgage repayment comes to €436. 

A three-bedroom house would cost €581 per month to buy and €984 to rent. 

Adjusting for a 2% increase in mortgage repayments, that’s still only €737. 

Nationally

Nationally, rents rose by 12.6% to €1,618. 

In the second quarter of this year, rents were up 3.3%, 

The quarterly figure is the highest in five years and one of the highest on record, according to the report. 

Associate Professor in Economics in Trinity College Dublin, Ronan Lyons wrote the introduction for the report said: 

Rents in the second quarter of 2022 were, on average across the country, 12% higher than a year previously, the strongest year-on-year increase in the market rents since the Daft report launched in 2005.”

‘Out of touch’

Mr Browne criticises the Minister for Housing and calls the Government’ out of touch’.

“It is clear that Housing Minister Darragh O’Brien and the Government have lost control of the housing market. After two years in office and almost a year into his housing plan, Darragh O’Brien is presiding over record highs in rents, house prices and homelessness. Meanwhile, social and affordable housing is well behind target, and the private rental sector is shrinking. This out-of-touch Government simply doesn’t get how serious this crisis is,” said Mr Browne.

He said next month’s budget announcement would be the Government’s last chance to act on the crisis. 

Mr Browne is calling on the Government to increase funding to build 20,000 social and affordable houses every year for the next ten years.

He is also asking the Government to bring in emergency measures to reduce homelessness and ‘slow down’ the decrease in landlords. 

“The Government’s failure to fix the housing crisis is devastating the lives of renters in Tipperary who are forced to pay the price for their inaction. Sinn Féin in Government would tackle the housing crisis,” concluded Mr Browne.

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