Rentals in Ireland: this is what is happening
Rents in Ireland have risen, with an increasingly lower inflation rate. This was revealed by Daft.ie, following a careful analysis of the Irish real estate market.
The inflation rate is the lowest since 2013, considering that the national average monthly rent is 1,390 euros.
But what is this collapse of inflation due to? First of all, the slowdown started in the capital, Dublin, which saw a drop in level from 13.4% in 2008, to a current and paltry 4%. The domino effect was not long in coming. But if on the one hand there has been a lowering of this rate, on the other hand the main problem remains an excessive level of rental prices.
In detail :
• In Cork, rents are 7.9% higher than a year ago
• Galway places itself with rents higher than 9.1%
• In Limerick, the lease agreements, in terms of price, increased by 10.5% in one year
• Similar situation in the city of Waterford (10%)
• Outside the major cities, rental inflation varies from 6.2% (in Leinster) to almost 12% (both in Munster and Connacht-Ulster).
But what do the experts say?
According to economist Ronan Lyons, this inflation slowdown is obviously more than welcome news for potential tenants, in addition to the large availability of rents on the market that seems to have reached historic highs.
Just to make you understand what figures we are talking about, in terms of volumes, the 4,700 available contracts are compared to the 1,500 of 2015.
For the government, it is the real estate that is driving most of the Irish economy, considering that, according to future statistics, up to 25,000 new homes will be built for future tenants. The new buildings will therefore be fundamental both for the demand side, but also for the offer, solving the still persistent imbalance.
As regards the prices relating to the rents, we report below the main Irish locations:
• Dublin: € 2,022, up 4.5%
• Cork: € 1,367, up 7.7%
• Galway: € 1,298, up 9.0%
• Limerick: € 1,226, up 10.5%
• Waterford: € 1,012, an increase of 10.1%
• Rest of the country: € 990, up 9.3%
The situation is therefore particularly varied, but not unstable. It is hoped that, with the decrease in inflation, demand and supply can be brought closer together in order to be able to rebalance and give the country a new image. In fact, many are the young people who wish to sign a lease in Ireland and, perhaps, this will be the best time to do so. The situation is no different even for those who want to take a trip or simply enjoy their retirement years.
So, we invite you to take a look at this land: you will undoubtedly find a solution that fits your needs!
The inflation rate is the lowest since 2013, considering that the national average monthly rent is 1,390 euros.
But what is this collapse of inflation due to? First of all, the slowdown started in the capital, Dublin, which saw a drop in level from 13.4% in 2008, to a current and paltry 4%. The domino effect was not long in coming. But if on the one hand there has been a lowering of this rate, on the other hand the main problem remains an excessive level of rental prices.
In detail :
• In Cork, rents are 7.9% higher than a year ago
• Galway places itself with rents higher than 9.1%
• In Limerick, the lease agreements, in terms of price, increased by 10.5% in one year
• Similar situation in the city of Waterford (10%)
• Outside the major cities, rental inflation varies from 6.2% (in Leinster) to almost 12% (both in Munster and Connacht-Ulster).
But what do the experts say?
According to economist Ronan Lyons, this inflation slowdown is obviously more than welcome news for potential tenants, in addition to the large availability of rents on the market that seems to have reached historic highs.
Just to make you understand what figures we are talking about, in terms of volumes, the 4,700 available contracts are compared to the 1,500 of 2015.
For the government, it is the real estate that is driving most of the Irish economy, considering that, according to future statistics, up to 25,000 new homes will be built for future tenants. The new buildings will therefore be fundamental both for the demand side, but also for the offer, solving the still persistent imbalance.
As regards the prices relating to the rents, we report below the main Irish locations:
• Dublin: € 2,022, up 4.5%
• Cork: € 1,367, up 7.7%
• Galway: € 1,298, up 9.0%
• Limerick: € 1,226, up 10.5%
• Waterford: € 1,012, an increase of 10.1%
• Rest of the country: € 990, up 9.3%
The situation is therefore particularly varied, but not unstable. It is hoped that, with the decrease in inflation, demand and supply can be brought closer together in order to be able to rebalance and give the country a new image. In fact, many are the young people who wish to sign a lease in Ireland and, perhaps, this will be the best time to do so. The situation is no different even for those who want to take a trip or simply enjoy their retirement years.
So, we invite you to take a look at this land: you will undoubtedly find a solution that fits your needs!
