There's no end in sight to rising rents in counties Cavan and Monaghan. Daft.ie's latest Rent Price Report shows rental prices rose by over 7% year on year outside of Dublin. In Cavan, market rents were on average 12.5% higher in the first three months of 2024 than a year previously. The average listed rent is now €1,308, up 74% from the Covid pandemic. Elsewhere, in Co Monaghan, market rents were on average 7.7% higher in the first three months of 2024 than a year previously. The average listed rent is now €1,190 in Monaghan, up 52% from the level prevailing during the Covid pandemic. Limerick was worst affected, seeing an increase of 17.5 percent since the same time last year. Author of the report, Ronan Lyons says building rental accommodation down the country isn't profitable.
Commenting on the report, Ronan Lyons, Associate Professor in Economics at Trinity College Dublin and author of the Daft.ie Report, said; "Rental inflation has slowed considerably over the last 18 months, driven in large part by the construction of significant numbers of new rental homes in the Dublin area. More supply, even at the upper end of the market, relieves pressures across the market and, in the second half of 2023 in particular, new supply saw availability improve and inflation has eased.
"However, improvements in the availability of homes to rent look to have stalled. Without additional increases in rental supply, any pressure on rents is likely to be upward in nature, further straining affordability for those on regular incomes. For that reason, policymakers must develop a thorough understanding of rental supply dynamics ahead of a detailed plan on dramatically increasing rental supply over the rest of the decade."
