Rents soar by highest rate on record as availability of properties hits all-time low

The latest rental report by Daft.ie shows the average market rent nationwide between April and June was €1,618 per month, up 12.6 per cent over the past year. Photograph: iStockRents soared by the fastest rate on record in the second quarter of this year as the availability of rental homes reached an all-time low, according to a new report by property groupIt shows that the average market rent nationwide between April and June was €1,618 per month, up 3.

Dublin rents were up 12.7 per cent on a year earlier, and above the national average for the first time since 2018. In Cork city, the annual change in market rents was 11.8 per cent.The rate of inflation in the three other principal cities – Galway, Limerick and Waterford – was higher, ranging from 16.4 per cent in Galway to 17.7 per cent in Limerick.

Also in the report is an analysis of figures provided by Cortland Consult on the pipeline of new rental homes. Over the past year, the pipeline has increased by approximately 23,000, representing an increase of 13,000 under construction and 28,000 for which a planning application has been submitted – as well as a decrease of 17,500 at pre-planning stage.The stock of rental homes for which planning has been granted but which have yet to start construction remains steady at 43,000.

But, but but what about the amazing rental cap that was put in place.

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