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Donegal rents jump 7% since recession 10.05.16

THE cost of renting a house in Donegal has risen by 7% since prices bottomed out in the recession.
The average monthly rent in the county now stands at €519, according to the latest figures from Daft.ie,
Almost half of the increase in Donegal rental prices since the downturn has occurred in the last year with a 3.2% jump compared to the same period last year.
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Meanwhile, rents rose nationwide by an average of 2% in the first quarter of 2016 with supply now at a record low, according to the company's latest quarterly Rental Report.
The increase means the national monthly rent nationwide in March was €1,006 - the first time since May 2008 that the average rent has been above €1,000.
And in another headache for Donegal parents, rental price inflation in university towns is also soaring with the average monthly in Dublin, now standing at €1,464, up 8.8%; Cork: €1,003, up 16.0%; Galway: €900, up 12.7% and Limerick: €792, up 12.4%.
Supply in the market at the start of this month was at "its lowest point on record", says Daft.ie, with fewer than 3,100 properties available to rent nationwide.
In 2009, there were 23,000 homes available to rent nationally.
Report author Ronan Lyons said: “The severe shortage of rental accommodation has worsened in the last three months, a phenomenon reflected in rapidly rising rents in all parts of the country. With the formation of a new government, a top priority must be to address the lack of housing of all kinds, including homes to rent. This involves understanding the costs of construction, which are out of line with average incomes.”
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