The cost of renting in Donegal in the final quarter of 2022 is up almost 20 per cent on the same time last year.
They were 18.8%, higher than the national average, according to the Daft.ie Rental Price Report Q4 2022.
Rents in Donegal, Cavan and Monaghan rose 18.3% year-on-year, reflecting a lack of availability. The report stated available properties were at an all-time low at just 62 homes to rent on February 1, compared to an average of over 500 on the same date in the 2010s.
The average listed rent in Donegal is now €960,compared to €1,733 per month nationally, up 2.7% compared to the third quarter of the year and 126% above the low of €765 seen in late 2011.
Nationally, rentals in the final quarter of 2022 were an average of 13.7% higher than the same period last year. There were just 1,096 homes available to rent on February 1, down over 20% on the same date a year ago and roughly one quarter the average level of availability during 2015-2019.
In the year to December 2022, the rate of inflation in Dublin was 13.1%, Cork City was 14.9%, Limerick City was 18.9% and Waterford City was 20.2%. Outside the cities, the average annual increase in market rents was 13.6%.
The average list price to buy a house in Donegal is now €196,869, which is an increase of 9.3%.
Nationally, market rents in the final quarter of 2022 were an average of 13.7% higher than the same period a year earlier, as availability of rental homes remained near an all-time low, according to the latest Rental Report by Daft.ie. The average market rent nationwide between October and December was €1,733 per month, up 2.7% compared to the third quarter of the year and 126% above the low of €765 per month seen in late 2011.
Commenting on the report, Ronan Lyons, Associate Professor of Economics at Trinity College Dublin and author of the Daft Report, said: “The figures in this latest Daft.ie Report confirm, once again, the chronic shortage of rental housing in all parts of the Irish market. The extraordinary collapse in availability over the past two years has brought about record increases in open market rents. New rental supply is the only real solution to a shortage of rental homes.
“Housing has established itself as the dominant political issue in recent years. While much of the policy effort is focused on homeownership, a variety of demographic trends, including delayed family formation and increased longevity, have contributed to a growing diversity in living arrangements.
“This in turn will mean more homes in the rental sector and thus a more tenure-neutral housing policy is required. Among the worst affected cohorts are younger adults, with the median adult age of leaving the parental home having grown almost 50% in the last decade. Policymakers must have a clear plan on how their housing needs will be met, a plan that includes tens of thousands of new rental homes being delivered this decade in all major towns and cities.”
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