The average rent nationwide in the first quarter of 2012 was largely unchanged from a year previously (down 0.1%), according to the latest report published by Ireland’s biggest property website, Daft.ie. This marks the eighth consecutive quarter of stable rents, with the average rent nationwide now €812.
This national average hides different trends in Dublin and Cork compared to the rest of the country. Dublin rents in the first three months of 2012 were 1.2% higher than a year previously, with city centre rents up 2.1%, while in Cork, city rents are 5.5% higher. Rents in Galway city are largely stable (down 0.4%), while in Limerick and Waterford cities, rents fell by 1.7% and 3.6% respectively. Elsewhere in the country, rents fell by an average of 2.1%.
In the Midlands counties of Laois, Westmeath, Offaly and Longford, rents fell by 0.6% in the first three months of 2012. In Offaly, rents in early 2012 were 3.7% lower than a year previously. The average rent is now €575, a fall of 27% from the peak. In Laois, rents in early 2012 were 2.3% lower than a year previously. The average rent is now €548, a fall of 29% from the peak.
Commenting on the report, Barry O’Leary, Chief Executive of the IDA said; “While there is concern among some property owners that rents and prices have not returned to boom levels, the market emerging from the economic crash appears more sustainable, which is something the IDA would always welcome.”
Ronan Lyons, Economist at Daft.ie, said: “There is now a clear difference in rental trends between the major urban centres of Dublin and Cork, where rents are rising, and the rest of the country, where rents are falling, albeit slowly. This difference reflects greater demand for living near cities, which are home to most new jobs, and also reflects supply factors. The number of properties available to rent in larger cities is falling, with 13% fewer properties available to rent in Dublin now than a year ago.”
Year-on-year change in rents – major cities, Q1 2012
Dublin: €1,032, up 2.1%
Cork: €917, up 5.5%
Galway: €744, down 0.4%
Limerick: €675, down 1.7%
Waterford: €617, down 3.6%