The most recent daft.ie rental report isn’t going to make pretty reading for those seeking rental accommodation at the moment. Rents have continued to increase for all types of residential property with rents increasing by 11.3% nationally.
On a more local basis, Cork County rents increased by 10.6% year on year with the average rent being €862. Cork city rents on the other hand increased by 9.3% year on year with the average rent recorded as being €1,210.
The tight squeeze on supply is continuing with just 700 properties available to rent across Munster in April 2018 which included all of the major cities – Cork, Limerick and Waterford.
Will the rental squeeze continue? Unfortunately yes. Until supply starts to pick up, the current shortage of rental accommodation is going to keep prices inflated. More houses and more apartments need to be built to ease the supply squeeze and the lead in times are obviously lengthy when planning permission and build times are factored in.
To read the full Q1 2018 Daft.ie rental report, click here.