There were less than 300 homes available to rent in Dublin on the first day of August, according to figures from property website Daft.ie.
The data showed that only 716 properties were available on the website nationwide on August 1, beating a previous low of 851 properties reported in May. The most recent report published by Daft.ie further revealed that rents went up by the fastest rate on record in the second quarter of this year.
“We can put this figure into perspective by contrasting it with the number of homes available to rent on the same date in the late 2010s," Ronan Lyons, author of the Daft.ie report and economics professor at Trinity College Dublin, wrote.
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"There was very tight supply during this period as the economic recovery gained pace. But even then, there was an average of just under 1,405 homes available to rent in Dublin at the start of August,”
The research suggests that rent availability in Ireland has fallen by a staggering 97 per cent, while inflation has caused rents to rise in Dublin by 12.6 percent . The average cost to rent in Dublin now stands at €2,170, according to the property site's latest findings.
The nationwide average cost of rent stood at €1,618 per month between April and June. Prof Lyons also warned in the report’s outline the growth of multi-unit rents in Dublin were not doing enough to address the housing shortage.
“Multi-unit rentals are a growing feature of the Irish market but they are still very small compared to the market’s overall size and in reality are negligible outside of Dublin. Secondly, their growth is not fast enough to offset the decline in traditional rental supply,” he wrote.
The Daft reports on the rental markets are published four times a year and provide clarity on housing in Ireland. This particular report has shown the lowest available levels of housing in Ireland since Daft.ie first began collecting data over 15 years ago.
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