Houses for rent in Ireland: historic lows are reached
Ireland: a country with a strong and decisive cultural identity, cradle of numerous artists and writers, a land rich in green areas and medieval castles. We could continue for hours to describe this unique state. But, based on statistical data, it seems that there is no need, considering that it is one of the most visited destinations in the world.
In fact, in the last few years, many tourists have come to discover this parallel world, setting a real record for the real estate market. In fact, this is a very particular phenomenon that has seen not only the capital, Dublin, but also all the other main and non-Irish cities as protagonists. The area targeted was lease contracts, to the point of recording, on May 1st this year, an inventory of only 2,700 homes throughout the nation.
In parallel with the decrease in supply, the increase was due to the price of rents.
In the first quarter of 2019, the average monthly rent was, on average, 1,366 euros, about 8.3% more than the previous year.
The average rent is quoted on the stock market at 330 euros less than the last survey, which instead was 625.
However, rent inflation varies and does not appear to be homogeneous throughout the nation. In Dublin, the increase in rents reached 6.8% more than in the last quarter, but at a slower pace than in previous trends.
The same slowdown was the one underlined at Leinster, with rents exceeding 7%, with an inflation rate equal to mid-2016.
In other cities, in general, prices per square meter continue to rise, especially in the cities of Cork, Limerick and Waterford, Munster, Connacht and Ulster (almost 13% more).
Let's see in detail what was the actual price change in the main cities:
Dublin: € 2,002, up 6.7%.
Cork: € 1,331, + 10.5%.
Galway: € 1,260, + 11.7%.
Limerick: € 1,195, + 14.8%.
Waterford: 986 euros, + 13.4%.
Rest of the country: 968 euros, + 9.9%.
Where does the low availability of the properties to rent come from?
Undoubtedly, young Millennials who are in this state to improve the language or simply to live an 'experience abroad, prefer (obviously) to sign a lease, rather than investing in full, buying a property in Ireland. This choice was also justified by the increase in prices that, in general, affected the properties for sale, so much so as to speak of a market segmentation more oriented to the holders of a wider portfolio (luxury market).
What can I say, it is hoped that this situation will still be stationary, to allow anyone to easily access this market, without being excluded from it. But above all, it is hoped that the Irish real estate market can once again move towards the subscription of sales and non-lease contracts.
In fact, in the last few years, many tourists have come to discover this parallel world, setting a real record for the real estate market. In fact, this is a very particular phenomenon that has seen not only the capital, Dublin, but also all the other main and non-Irish cities as protagonists. The area targeted was lease contracts, to the point of recording, on May 1st this year, an inventory of only 2,700 homes throughout the nation.
In parallel with the decrease in supply, the increase was due to the price of rents.
In the first quarter of 2019, the average monthly rent was, on average, 1,366 euros, about 8.3% more than the previous year.
The average rent is quoted on the stock market at 330 euros less than the last survey, which instead was 625.
However, rent inflation varies and does not appear to be homogeneous throughout the nation. In Dublin, the increase in rents reached 6.8% more than in the last quarter, but at a slower pace than in previous trends.
The same slowdown was the one underlined at Leinster, with rents exceeding 7%, with an inflation rate equal to mid-2016.
In other cities, in general, prices per square meter continue to rise, especially in the cities of Cork, Limerick and Waterford, Munster, Connacht and Ulster (almost 13% more).
Let's see in detail what was the actual price change in the main cities:
Dublin: € 2,002, up 6.7%.
Cork: € 1,331, + 10.5%.
Galway: € 1,260, + 11.7%.
Limerick: € 1,195, + 14.8%.
Waterford: 986 euros, + 13.4%.
Rest of the country: 968 euros, + 9.9%.
Where does the low availability of the properties to rent come from?
Undoubtedly, young Millennials who are in this state to improve the language or simply to live an 'experience abroad, prefer (obviously) to sign a lease, rather than investing in full, buying a property in Ireland. This choice was also justified by the increase in prices that, in general, affected the properties for sale, so much so as to speak of a market segmentation more oriented to the holders of a wider portfolio (luxury market).
What can I say, it is hoped that this situation will still be stationary, to allow anyone to easily access this market, without being excluded from it. But above all, it is hoped that the Irish real estate market can once again move towards the subscription of sales and non-lease contracts.
