The cost of renting in Ireland has risen by 11.3% since last September, a new report has shown. This is the 25th quarter in a row that rental prices have risen around the country, and the tenth quarter in a row they've hit an all-time high.
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I still live with my parents
According to the latest report from property website Daft.ie, tenants in Dublin are particularly hard-hit. The average monthly rental price is €1,968 in the capital; though rents can reach significantly higher depending on the size and location of the house.
Nationally, the average asking price for rent has risen to €1,334.
Not just a city problem
House-hunters in Dublin have long been aware of the rising costs of renting; not to mention the decreasing availability of homes. Now, Daft.ie has determined how significant the crisis has become.
Rents in Dublin are now 36% higher than they were during the peak of the Celtic Tiger. Rents in Cork and Galway cities are 29% and 45% higher respectively than they were in 2008.
However, these increases extend far beyond large cities. Average rents in smaller towns and rural areas are now 20% higher than they were during the boom.
Less bang for your buck
According to the report, here's what a three-bed house will cost you around the country:
- Dublin 1 – €2,399 (up 8.7% since last year)
- Dublin 4 – €2,571 (up 7.6% since last year)
- Dublin 7 – €2,083 (up 9% since last year)
- Dublin 18 – €2,115 (up 9.2% since last year)
- West Dublin – €1,708 (up 10.5% since last year)
- Meath – €1,227 (up 7.6% since last year)
- Wexford – €789 (up 7% since last year)
- Longford – €663 (up 10% since last year)
- Waterford City – €940 (up 15.5% since last year)
- Cork City – €1,304 (up 10% since last year)
- Cork county – €888 (up 9.2% since last year)
- Galway – €805 (up 8.5% since last year)
For the full list of percentage increases, see the full Daft report here.