Daft report: Roscommon rents up 20%

Rents in Connacht rose 19.4 per cent year-on-year, reflecting a sharp fall in availability – just 112 homes were available to rent on November 1st, down over 50 per cent compared to a year ago, according to Daft.ie’s Q3 report.

In Roscommon, rents were on average 20.4 per cent higher in the third quarter of 2021 than a year previously. The average listed rent is now €876, up 78 per cent from its lowest point.

Nationwide rents in the third quarter of 2021 were an average of 6.8 per cent higher than the same period in 2020. The average monthly rent nationwide between July and September was €1,516, up 2.6 per cent on the first quarter and more than double the low of €742 per month seen in late 2011.

The increase in rents around the country reflects an on-going and unprecedented scarcity of rental homes. Nationwide, there were just 1,460 homes available to rent on November 1st, an all-time low in a series that extends back to January 2006.

Indeed, the level of availability now is almost half the lowest level recorded between the start of 2006 and the outbreak of Covid19, which was 2,706 in mid-2019.

While Dublin had initially seen an increase in availability after the start of the pandemic, there were just 820 homes available to rent on November 1st, the lowest ever recorded for the city in two decades. In Dublin and in the other cities, the stock of homes to rent is between 70 per cent and 80 per cent lower than a year ago. Outside the cities, availability continues to fall, with just 559 homes to rent, down almost half on a year ago.

While rents rose around the country between June and September, there remains significant differences in annual inflation rates. Rents in Dublin are just 2.7 per cent higher than a year ago, while rents in Cork and Galway are 6.9 per cent and 8.3 per cent higher. Inflation in Limerick and Waterford cities is higher again, at 8.9 per cent and 10 per cent respectively, while rents outside the cities are 11.9 per cent higher than a year ago.