Residential rents now surpass Celtic Tiger levels

The latest Daft.ie Rental Report released this morning shows rents have now surpassed Celtic Tiger levels to reach their highest level on record, with the average rent nationwide up 11% year-on-year to reach €1,037 per month in Q2.

The report shows;

• The average rent nationwide has risen by 39.7% since bottoming out in late 2011, and has for the first time exceeded its 2008 peak
  (by 0.8%).
• In Dublin, rents have increased by 51.3% since their lowest point in late 2010, and are now an average of 5.2% above their previous peak in late 2007/early 2008. Rents in Dublin 4 and 14 are now, on average, nearly 10% higher than the previous peak.
• In Cork and Galway cities, rents are 4% and 10% above peak. Outside the cities, however, rents remain 5.5% below peak levels.
• There were just 3,600 homes available to rent nationwide on August 1st – 1,000 fewer than on the same date a year previously.
• In Dublin there were just over 1,400 homes available to rent on August 1st, down nearly 350 on the same date a year earlier.

Reported by Daft.ie