Slowdown in Rent increases but Prices still remain high
Just over 12 months ago the average rent countrywide for a basic home was €897.00. This figure jumped to €973.00 by September 2016.
Rents are currently at the highest level on record according to a recent rental report from Daft.ie but it would appear the rate of increase is starting to slow down as Landlords now realize tenants are no longer able to pay the high rental rates that are being asked. It is reported that during the 3 month period from April to June 2016 rents increased by 3.5%, however, the increase in rents from July to September 2016 was 2.3%. For prospective renters this is good news. Rents are still high, but it is a move in the right direction.
Rosalind Carrol, Head of the Residential Tenancies Board, has noted that rents outside Dublin were rising more rapidly than in the Capital. Limerick Auctioneers and Estate agents would say this is due to the huge lack of supply of rental properties available.
There has also been criticism for the new Legislation around rents which came into force late last year. It limits increases to once every two years but would appear to have done little to take the heat out of the market. Read more at Independent.ie