The average cost of renting in Donegal has risen by 6.8% as the number of homes available to rent has dropped.
The latest report from Daft.ie shows that the average rent price in Donegal was €561 in the third quarter of 2016.
The average one-bed apartment is €413, while a 5-bed house stands at €693 – a rise of 12.6% compared to this time last year.
The rise is directly attributed to a shortage in housing. There were fewer than 650 homes available to rent in Connacht and Ulster on October 1st, down almost 100 on a year previously.
Room rentals are also rising in the Donegal area, with the report showing that single rooms in Ulster are costing on average €252 – 11.5% more than 2015. A double room in Donegal, Cavan or Monaghan costs €284 – 10.6% more than the previous year.
The report also showed that Donegal is the third cheapest place in the country to rent.
The report today presents a grim picture of rent price increases across the country. The annual rate of rental inflation in Ireland is now 11.7%, the highest recorded by the Daft.ie Report since its series start in 2002.
Rents are rising at double-digit rates in many areas nationwide, with the biggest increases mainly in Leinster and Munster. The average cost of renting in certain Dublin areas is now 10% higher than the peak prices during the Celtic Tiger.
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