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17/02/2009
Rent Cheaper By 12% Last Year
The average cost of rent for properties advertised on Daft.ie has fallen by almost 12% last year, according to figures released today.
The huge property for sale and rent website says the total number of rental properties on the market doubled during 2008, driving down rents nationwide.
South Co Dublin experienced the largest fall in rents at just over 15%, while south Dublin city, Cork and Limerick all experienced falls of around 10%.
Rents in Galway and Waterford fell by 6% and 4% respectively, while rents outside the main cities were down an average of 8%.
Chairman of Amárach Research Gerard O'Neill said: "Renters are spoilt for choice, pure and simple. Moreover, with the banks afraid to lend and workers afraid for their jobs then the prospects for rental demand look good.
"Here in Ireland, a generation of young people under 30 will never look at property the same way again as a result of what they are now experiencing - and will experience over the next few years."
The Daft Rental Report is based on an analysis of all rental properties advertised on daft.ie since January 2002 including 200,000 posted since January 2008.
The average monthly rent nationally now stands at €885, down from around €1,000 for this time last year.
(DW/BMcC)
The huge property for sale and rent website says the total number of rental properties on the market doubled during 2008, driving down rents nationwide.
South Co Dublin experienced the largest fall in rents at just over 15%, while south Dublin city, Cork and Limerick all experienced falls of around 10%.
Rents in Galway and Waterford fell by 6% and 4% respectively, while rents outside the main cities were down an average of 8%.
Chairman of Amárach Research Gerard O'Neill said: "Renters are spoilt for choice, pure and simple. Moreover, with the banks afraid to lend and workers afraid for their jobs then the prospects for rental demand look good.
"Here in Ireland, a generation of young people under 30 will never look at property the same way again as a result of what they are now experiencing - and will experience over the next few years."
The Daft Rental Report is based on an analysis of all rental properties advertised on daft.ie since January 2002 including 200,000 posted since January 2008.
The average monthly rent nationally now stands at €885, down from around €1,000 for this time last year.
(DW/BMcC)
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