Market property rents were on average 15.3% higher in the first quarter of 2023 than a year previously, the most recent Daft.ie report has revealed.
The average listed rent within the county is now €1409, up 154% from its lowest point and is comparable with Leinster’s Midland counties which increased 14.5% year-on-year, reflecting very low availability, with just 22 homes were available to rent on May 1, one eighth the level typically seen during the late 2010s.
Nationally, market rents in the first quarter of 2023 were an average of 1% higher than in the final three months of 2022, the smallest quarterly increase since 2020 according to the latest Rental Report by Daft.ie
Compared to a year ago, however, market rents are 11.7% higher, reflecting large increases seen during 2022. The average market rent nationwide between January and March was €1,750 per month, compared to €1,387 in the first quarter of 2020 and a low of just €765 per month seen in late 2011.There were significant regional differences in how rents changed in the first quarter. In Dublin, rents rose by 0.5% quarter-on-quarter, the same rate seen in the rest of Leinster.
However, in the four other cities, rents fell in the first quarter, by 1.8% on average. In the case of Cork city, this is the first time in almost a decade (final quarter of 2013 ) that rents have not risen quarter-on-quarter.
In Munster, Connacht and Ulster – outside the cities – rents continued to rise strongly in the first quarter of the year, by 3.8% on average.As in recent quarters, the upward trend market rents around the country is driven by extraordinary shortages in the availability of rental accommodation. Nationwide, there were just 959 homes available to rent on May 1. While this is up