Daft recently published their Rental Report from the first quarter of 2021on May 12th.
They've reported that rents have risen an average of 2% in the first quarter of this year. The average national rent is higher than the year previous, making it the largest quarterly gain since mid-2018. Rents in Dublin however have fallen, with the city centre seeing a price drop of 6.5% in just one year, making the average rent in the city now €1,974. Despite this supply in Dublin is up 20%.
The various trends from the past year reflect the availability of homes for rent with supply increasing in Dublin but decreasing everywhere else. Outside of Dublin rents are 7.1% higher than quarter 1 of 2020, with only 1,150 rental units available on May 1st (down one third than what was available the same date in 2020.) While there were under 2,500 homes available to rent on May 1st 2021.
With vaccinations rolling out and the ease of restrictions, the short term impact of covid-19 is beginning to fade however, the long term undersupply of new rental homes to the market which has been an issue now for some time still needs to be addressed
If you want to read the detailed report in full, click here
Let us know your opinions on the report,
Regards
The McPeake Team
