Cork city renters are facing a harsh reality as average monthly rents have surpassed €2,000 for the first time. This 11.9% jump from last year has left many struggling to keep up with rising costs.
The latest report from daft.ie paints a grim picture across Ireland. While Dublin’s rent increases have slowed slightly, the rest of the country continues to see sharp rises. Limerick city saw the biggest spike, with rents soaring by 21.2% in just one year.
What’s behind these increases? Experts point to a severe lack of housing supply, especially outside of Dublin. In fact, only 900 homes were available to rent in the entire country outside the capital at the beginning of August.
According to Irish Examiner, economist Ronan Lyons warns that without significant action to boost rental supply, prices are likely to keep climbing. This trend is putting increasing pressure on renters, with the average Irish tenant now paying 41% more than before the COVID-19 pandemic.
As the housing crisis deepens, many are calling for urgent government action to address the shortage and make renting more affordable for ordinary Irish citizens.