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Steep rent rises for students off to college 19.08.14

INISHOWEN students 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 peak.
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
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