- Average national rent in Q4 is again higher than a year previously and is now €1,414 - but is lowest rate of inflation since 2012
- Rents in Dublin
fall by 3.3% in one year and is now €1,984
- In Dublin 1, Dublin
4 and Dublin 6, rents in the final three months of 2020 were 6% lower than
a year previously, while in Dublin 2, they were 7% lower
- Supply in County
Dublin is up 64%
- Outside of Dublin
rents increase 5.4%
In Dublin, rents fell 3.3% during the year 2020, with rent declines concentrated in the second and fourth quarters of the year. Covid-19 has had the opposite effect, with the number of homes being advertised to rent up 64% on February 1st, compared to a year previously. With the increase in homes being advertised, active demand for homes to rent has also soared, up 40% compared to pre-pandemic. But the greater liquidity of the market has helped bring rents down slightly. Nonetheless, rents in the capital – and in Ireland’s other main cities – remain at twice their level a decade ago. The average monthly rent stood at €1,414 in the final quarter of 2020, up from a low of €742 per month seen in late 2011.
In the rest of the country, however, rents rose by 5.4% on average during 2020, with only a modest fall in the second quarter lockdown and an increase during the final three months of the year. The different trends in rents reflect changes in the availability of rental homes. In Dublin, there were 2,600 homes available to rent on February 1st, up from fewer than 1,600 on the same date in 2020. In the rest of the country, however, the number of homes available to rent has fallen sharply – from almost 2,000 on 1st February 2020 to just 1,139 a year later.
To find out how your county is performing please access the latest Rental Price Report 2020 Q4 on Daft.ie
Regards,
The McPeake Team...
Stay Safe...
