Rents Break New Records In Dublin Property Yet Again

Average rents, and year-on-year change, as of the second quarter of 2019: 

• Dublin: €2,023, up 4.5%
• Cork: €1,366, up 7.9%
• Galway: €1,297, up 9.1%
• Limerick: €1,225, up 10.5%
• Waterford: €1,013, up 10%
• Rest of the country: €993, up 9.2%

Demand continues to far outstrip supply and on 1 May 2019, there were only 2,700 homes available to rent nationwide – the lowest number ever recorded.

New rent pressures zones came into effect in 19 locations last month, including areas in Waterford, Galway and Cork – counties which all experienced notable rent increases in the last quarter.  

Average mortgage much cheaper than average rent 

The average monthly rent in Irish cities is generally much higher than the monthly cost of a mortgage.

For example, the average mortgage in Dublin city centre is €1,488 per month, compared to the average monthly rent of €2,064 – that’s a 139% difference.

Caden Grimes Estates is a Dublin based Estate Agent licensed with the PSRA, licence 001883