Rent prices up 22.7% in Donegal as stock hits new low

written by Rachel McLaughlin May 12, 2022

The average cost of renting a home in Donegal has risen to €857 per month.

The price has jumped by 22.7% in one year, according to a new report by Daft.ie.

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The latest Rental Report for the first quarter of 2022 shows rents soaring higher than the Celtic Tiger peak.

Housing stock in the Connacht/Ulster region has hit a new low, with just 126 homes available to rent on May 1, down 59% on a year ago and a new record low in a series extending back to 2006.

In the first quarter of 2022 in Donegal, the average rent price for a 1-bed apartment is €592, a 2-bed house is €690, a 3-bed house is €792, a 4-bed is €886 and a 5-bed home is €960.

Sinn Féin spokesperson on Housing, Eoin Ó Broin TD commented on the report and said: “Double digit rent increases are not being accompanied by increases in wages and with the cost of living skyrocketing, workers and families will struggle to meet these rises.

“The government’s 2% rent cap is clearly not working.

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“We need a ban on rent increases on all existing and new tenancies, and we need government to put money back in renters’ pockets through a refundable tax credit worth a month’s rent.”

Threshold – The National Housing Charity added: “Private renters and those seeking a home in the West and Northwest are particularly affected, in recent years, by ongoing rent increases. The Daft report demonstrates that the levels of increase in western counties has reached a crisis point. Yearly increases of up to 25% simply cannot be borne by renters.

“While the government’s 10-year housing plan may bring relief in the long-term, more immediate action is needed to relieve the burden on renters. “

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