heading to college in cities such as Dublin, Galway
and Cork are facing steep rent rises this year.
There are almost 40 per cent fewer properties
available to rent compared to this time last year
according to Daft.ie.
Nationally, rents have risen by over 10 per cent in
the space of twelve months with the national average
rent now €915 compared to €825 a year previously.
Rents rose in every county, bar Donegal, and all
city centres experienced rises of between 3 per cent
in Waterford and 17 per cent in Dublin. There are
now 6,800 properties available to rent across the
country, down from 11,000 in August 2013.
Trinity College Dublin Students’ Union president
Domhnall McGlacken-Byrne said the rental market was
a “source of alarm” for prospective tenants and
suggested that “non-EU students might well choose to
pursue their studies elsewhere”.
Students looking to live in Letterkenny while
attending LYIT might take comfort from the fact that
rents have remained largely stable in Donegal -
falling by just 0.2 per cent in the 12 months to
June 2014. The average advertised rent in the county
is now €501, a fall of 22 per cent from the 2007
Daft.ie economist Ronan Lyons added: “For students
looking for accommodation, the 2014/2015 academic
year is likely to prove one of the toughest for over
a decade. The imbalance between supply and demand is
particularly acute in Dublin, where rents are closer
to their 2007 peak than their lowest point in 2010.
In a market like this, it is easy to panic so it is
important that prospective tenants do their research
ahead of making any decisions.”
Current average monthly rents for properties:
Dublin: €1,345 - up 17.2 per cent on last year
Cork: €866 - up 7.4 per cent
Galway: €845 - up 6.7 per cent
Limerick: €682 - up 6.3 per cent
Waterford: €608 - up 2.8 per cent
Donegal: €501 - almost unchanged