Menu
18/11/2008
Property To Rent Soars 133%
Renting a house is now up to 5% cheaper than two years ago, as owners choose to rent their properties and hold out for an improvement in house prices.
New figures released by property giant Daft.ie show that rent throughout the country has fallen to its lowest level in over two years, and is expected to keep falling for at least another 12 months.
Meath, Louth and Kildare have seen the sharpest fall in rent prices, with their rent prices falling over 5% since last year.
House prices have fallen dramatically in the last 12 months due to the worldwide credit crunch. This has led to hesitation amongst sellers who are waiting for some recovery in the market before selling their property.
The unsold properties are now being put up for rent in the interim, and rise in supply has caused the price of renting to drop significantly.
According to Dr. Stephen Kinsella writing for Daft.ie: "The latest data show an average decrease of more than €20 in rents, combined with a sharp increase in the stock of available rental accommodation."
Dr Kelly added that we can expect it to take a minimum of 3-5 years for the property market to recover and warned that holding on to properties and renting them for that length of time is not sustainable by the majority of landlords.
"But with an oversupply of sale-able houses, individual landlords may have no choice but to rent out their property at a loss for some time to come," he said.
(DW)
New figures released by property giant Daft.ie show that rent throughout the country has fallen to its lowest level in over two years, and is expected to keep falling for at least another 12 months.
Meath, Louth and Kildare have seen the sharpest fall in rent prices, with their rent prices falling over 5% since last year.
House prices have fallen dramatically in the last 12 months due to the worldwide credit crunch. This has led to hesitation amongst sellers who are waiting for some recovery in the market before selling their property.
The unsold properties are now being put up for rent in the interim, and rise in supply has caused the price of renting to drop significantly.
According to Dr. Stephen Kinsella writing for Daft.ie: "The latest data show an average decrease of more than €20 in rents, combined with a sharp increase in the stock of available rental accommodation."
Dr Kelly added that we can expect it to take a minimum of 3-5 years for the property market to recover and warned that holding on to properties and renting them for that length of time is not sustainable by the majority of landlords.
"But with an oversupply of sale-able houses, individual landlords may have no choice but to rent out their property at a loss for some time to come," he said.
(DW)
Related Irish News Stories
Click here for the latest headlines.
03 December 2015
Govt Passes Rent Reform Bill
Ireland's Residential Tenancies Bill has passed all stages of the Dáil and Seanad, it has been announced. The Bill is now expected to be signed into law by the president as soon as possible. The Bill will bring a number of major reforms to the private rental sector in Ireland, providing rent certainty and safeguards for both tenants and landlords.
Govt Passes Rent Reform Bill
Ireland's Residential Tenancies Bill has passed all stages of the Dáil and Seanad, it has been announced. The Bill is now expected to be signed into law by the president as soon as possible. The Bill will bring a number of major reforms to the private rental sector in Ireland, providing rent certainty and safeguards for both tenants and landlords.
29 June 2016
Cabinet Agrees To Increase Rent Limits
The Cabinet has agreed to increase rent limits under the Rent Supplement and Housing Assistance Payment (HAP) schemes, Minister for Social Protection Leo Varadkar and Minister for Housing, Planning & Local Government Simon Coveney have announced.
Cabinet Agrees To Increase Rent Limits
The Cabinet has agreed to increase rent limits under the Rent Supplement and Housing Assistance Payment (HAP) schemes, Minister for Social Protection Leo Varadkar and Minister for Housing, Planning & Local Government Simon Coveney have announced.
18 November 2015
Govt's Housing Record A 'Spectacular Failure' - SF
The government's record on housing has been described as a "spectacular failure", dependent on the private market to provide a solution that "will never come". Sinn Féin housing spokesperson, Dessie Ellis, made the comments during a Private Members debate in the Dáil.
Govt's Housing Record A 'Spectacular Failure' - SF
The government's record on housing has been described as a "spectacular failure", dependent on the private market to provide a solution that "will never come". Sinn Féin housing spokesperson, Dessie Ellis, made the comments during a Private Members debate in the Dáil.
02 July 2019
19 New Rent Pressure Zones Announced
A further 19 new Rent Pressure Zones (RPZs) across 11 counties have been announced by the Minister for Housing, Planning and Local Government, Eoghan Murphy.
19 New Rent Pressure Zones Announced
A further 19 new Rent Pressure Zones (RPZs) across 11 counties have been announced by the Minister for Housing, Planning and Local Government, Eoghan Murphy.
11 November 2013
Property Rent Prices Continue To Rise
The cost of renting a property continues to increase, according to a new report by Daft.ie. The quarterly review shows rent has risen nationally, with the capital experiencing the largest growth in prices. Nationwide, the year-on-year increase in the average rent surged to 4.8% between the months of July and September, up from 4.
Property Rent Prices Continue To Rise
The cost of renting a property continues to increase, according to a new report by Daft.ie. The quarterly review shows rent has risen nationally, with the capital experiencing the largest growth in prices. Nationwide, the year-on-year increase in the average rent surged to 4.8% between the months of July and September, up from 4.
-
Ireland WeatherThis Evening and Tonight:It will be cloudy with a spell of heavy rain pushing south through late evening and the early hours, soon followed by some clear spells. Minimum temperature 6 °C.
