The Daft.ie Rental Price Report · PDF fileThe Daft.ie Rental Price Report An analysis of...

The Daft.ie Rental Price ReportAn analysis of recent trends in the Irish rental market 2017 Q2

Introduction by by Katie Ascough UCDSU

President & Kevin Keane TCDSU President.

Right now, the Leaving Cert class of 2017 are poised to join the chronically undersupplied Irish housing market.Following CAO offers for college and university,

the lion’s share of that group will be seeking

accommodation in one of the worst pressure

points of the current market before the start of

September. A cursory glance at the available data

shows the challenge awaiting them.

There are now fewer than 3,000 properties to

rent nationwide.This is the lowest figure on record

for the country. In Dublin there were just 1,121

properties available to rent on August 1st. That’s

over 20% less than were available on the same date

in 2016.

The most important knock-on effect from this

undersupply is, of course, a rise in cost. Rents are

now 13% higher than their 2008 peak. In Dublin,

where the lion’s share of new third level students

will be looking, rents are now 18% higher than their

previous peak. The average property in the capital

now costs €1,741 a month to rent. That’s one and

a half times the current average rent nationwide,

€1,159.

This isn’t a happy picture for anyone in the rental

market. But the class of 2017 are largely low-

income newcomers in the most competitive areas

of the housing market. The majority can only afford

to let for 9 months instead of the standard 12 and

don’t have stable earnings or prior references.

In the private rental sector right now, it’s unlikely

they’ll get a viewing, let alone a lease.

The situation is so bad that if it’s to be even partially

resolved before September, it requires major

collective action from a range of stakeholders. As

an example of what that kind of initiative could look

like, Students’ Unions from Trinity College Dublin

& University College Dublin have started working

together with Daft.ie to put more affordable,

student specific beds on the market.

We’ve collaborated with homeowners and students

to promote the Irish rent-a-room scheme more

commonly known as “digs”. Under the existing

legislation, Irish homeowners can earn up to a

yearly sum of €14,000 in non-taxable income

from their spare rooms. But take up remains low

because of negative stereotypes on both sides and

a complete lack of profile.

So, for the last few weeks, UCDSU and TCDSU have

canvassed local homeowners and students of their

respective institutions for positive testimonials of

living in digs.

Student Crisis in the Housing Market

Katie AscoughUCD Students’ Union President

The Daft.ie Rental Price Report – 2017 Q2 | 2

Kevin KeaneTCD Students’ Union President

If this scheme doesn’t see a rise in take-up despite

these efforts, many young people relieved after their

Leaving Cert results are going to have their spirits

crushed. While available campus accommodation

is generally allocated to incoming first years, it’s not

adequate to house them all. Countrywide funding

cuts to colleges and universities have slowed

down badly needed development of their student

residences and will continue to hinder it until they

are reversed.

Even the recent increase in purpose built student

accommodation by private developers won’t alleviate

pressure for the majority - as, on average in Dublin,

students are spending €1,500 more in this type of

housing than the average spend for what’s available

in the general market.

In this context, college authorities, students unions

and Government need to promote college digs as

a priority over the next few weeks to make sure

Irish homeowners are informed of how they can

contribute to solving this crisis and the cash flow

gains to be made. Otherwise many young people

coming from outside urban areas — who don’t live

near a university and can’t shoulder the costs of

a long, pricey commute — will have to defer their

college courses this September.

3 | The Daft.ie Rental Price Report – 2017 Q2

11.8%(Year-on-year change in the average asking rent)

Rents Rise Nationally

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

January 117.5 127.5 137.4 119.9 103.2 99.8 99.0 102.0 109.7 120.4 132.1 148.9

February 117.8 131.5 137.4 116.8 102.3 100.6 98.8 103.3 111.1 121.7 132.4 150.7

March 118.4 133.4 135.8 114.3 102.1 100.3 98.6 103.4 112.3 122.2 133.7 151.7

April 119.4 133.8 135.2 112.3 101.5 100.2 98.4 104.0 113.3 123.2 134.5 152.5

May 120.4 134.5 133.4 110.6 101.1 100.1 98.8 103.7 114.6 124.2 138.9 154.3

June 121.4 135.1 132.0 109.1 100.5 99.8 99.0 103.6 115.3 125.2 140.4 155.7

July 122.0 135.3 132.1 107.7 100.4 100.3 99.6 105.4 116.3 126.7 140.7 157.3

August 123.2 136.4 131.2 107.3 101.4 100.3 100.6 106.7 117.3 128.3 143.7

September 124.9 136.9 130.3 106.2 101.1 99.7 100.7 107.4 118.3 129.6 145.4

October 125.6 136.6 127.5 104.7 100.7 99.1 100.7 107.9 118.8 130.2 146.5

November 125.0 136.4 123.3 102.6 99.1 98.3 101.5 107.7 119.6 129.7 148.3

December 126.9 136.6 120.1 101.7 98.9 98.7 101.2 108.3 119.9 130.5 148.3

Daft.ie National Rental Index(2012 average = 100)

The Daft.ie Rental Price Report – 2017 Q2 | 4

€1,159

Average Nationwide

RentDouble-digit increases continueRents in the second quarter of 2017 were 11.8% higher than a year previously, the fifth quarter in a row where rents nationally have increased by at least 10%.

The Daft.ie Rental Price Report – 2017 Q2 | 65 | The Daft.ie Rental Price Report – 2017 Q2

Stock of properties to rent on Daft.ie (start of month) and flow of new properties to rent, 2006-2015

Stock Inflow Outflow

0

5000

10000

15000

20000

25000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Rents in Dublin continue rise faster than elsewhereHaving seen slower rental growth between mid-2015 and mid-2016, Dublin rents have now risen faster than elsewhere for five consecutive quarters: 12.3% in year-on-year terms in 2017 Q2 vs. 11.9% outside the capital.

Availability matches record lowThere were fewer than 3,000 properties available to rent nationwide on August 1st, down almost 20% on the same date a year ago and a new low for stock available.

The index is based on asking rents for properties advertised to let on Daft.ie. Figures are calculated from econometric regressions, which calculate changes in price that are independent of changes in observable measures of quality, such as location, or bedroom number.

Cork City

Limerick City

Galway City

Waterford City

NationwideAverage rent by region and Y-on-Y change

DublinAverage rent and Y-on-Y change


Rents now 13% higher than their 2008 peak The average rent nationwide has risen by 56% since

bottoming out in late 2011 and, having exceeded its 2008

peak in 2016, is now 12.6% above the previous high. In Dublin,

rents are now an average of 18.1% above their previous peak

while in Cork and Galway cities, rents are 11.2% and 21.4%

above levels recorded nine years ago. Outside the cities, the

average rent is 5.8% above its previous peak.

North County€1,426 | 12.1%

North City€1,593 | 12.3%

City Centre€1,741 | 15.7%

South City€1,821 | 10.9%

South County€1,902 | 9.6%

West County€1,498 | 10.9%

C€832 11.2%

G€732 16.0%

L€722 8.7%

MH€1,109 14.1%

KE€1,156 11.5%

WW€1,193 11.3%

LH€1,024 17.5%

LD€580 11.3%

OY€750 12.3%

LS€784 13.7%

CW€794 11.4%

KK€831 13.0% WX

€718 11.0%

W€746 11.4%

KY€705 9.3%

CE€709 12.1%

T€702 8.0%

MO€622 9.5%

RN€607 10.5%

SO€658 11.9%

LM€525 6.9%

DL€595 11.5%

CN€639 11.3%

MN€683 12.1%

WH€787 12.5%

€1,026 | 10.0%

€919 | 10.8%

€1,122 | 6.8%

€772 | 8.4%


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1 bed apartment 2 bed house 3 bed house 4 bed house 5 bed house

Dublin 1 €1,431 15.7% €1,717 14.2% €2,129 15.3% €2,637 14.3% €3,095 15.8%

Dublin 2 €1,668 14.1% €1,964 12.8% €2,349 12.0% €2,734 10.0% €3,053 -3.1%

Dublin 3 €1,374 10.8% €1,608 10.8% €1,871 11.8% €2,136 9.6% €2,291 12.8%

Dublin 4 €1,761 9.4% €2,010 8.0% €2,325 8.3% €2,605 8.4% €2,719 5.5%

Dublin 5 €1,212 12.1% €1,394 10.2% €1,687 10.2% €1,834 10.3% €1,925 1.6%

Dublin 6 €1,534 13.6% €1,764 11.7% €2,134 11.7% €2,321 11.8% €2,436 3.0%

Dublin 6W €1,373 9.1% €1,578 7.3% €1,910 7.2% €2,077 7.3% €2,180 -1.1%

Dublin 7 €1,330 15.8% €1,529 13.8% €1,850 13.8% €2,012 13.9% €2,112 5.0%

Dublin 8 €1,396 14.9% €1,606 13.0% €1,943 13.0% €2,112 13.0% €2,217 4.2%

Dublin 9 €1,247 13.1% €1,434 11.2% €1,736 11.2% €1,887 11.3% €1,981 2.6%

Dublin 10 €1,119 17.9% €1,287 15.9% €1,557 15.9% €1,693 16.0% €1,777 6.9%

Dublin 11 €1,157 11.2% €1,330 9.3% €1,610 9.3% €1,750 9.4% €1,837 0.8%

Dublin 12 €1,219 12.0% €1,402 10.2% €1,697 10.1% €1,845 10.2% €1,936 1.6%

Dublin 13 €1,228 10.4% €1,413 8.5% €1,709 8.5% €1,858 8.6% €1,950 0.1%

Dublin 14 €1,342 7.1% €1,543 5.3% €1,867 5.3% €2,030 5.4% €2,130 -2.9%

Dublin 15 €1,124 12.5% €1,292 10.6% €1,564 10.6% €1,700 10.7% €1,784 2.0%

Dublin 16 €1,237 9.1% €1,423 7.3% €1,721 7.2% €1,871 7.3% €1,964 -1.1%

Dublin 17 €1,134 21.5% €1,304 19.4% €1,578 19.4% €1,715 19.5% €1,801 10.1%

Dublin 18 €1,356 8.4% €1,559 6.6% €1,886 6.6% €2,051 6.7% €2,153 -1.7%

Dublin 20 €1,194 10.6% €1,374 8.8% €1,662 8.7% €1,807 8.8% €1,897 0.3%

Dublin 22 €1,106 13.3% €1,272 11.5% €1,539 11.4% €1,674 11.5% €1,757 2.8%

Dublin 24 €1,125 12.1% €1,294 10.3% €1,566 10.2% €1,702 10.3% €1,787 1.7%

North Co Dublin €1,060 12.1% €1,219 10.3% €1,475 10.2% €1,603 10.3% €1,683 1.7%

South Co Dublin €1,434 9.4% €1,649 7.5% €1,995 7.5% €2,169 7.6% €2,276 -0.8%

West Dublin €1,080 10.9% €1,242 9.1% €1,502 9.0% €1,634 9.1% €1,715 0.6%

Cork City €848 8.8% €954 6.2% €1,154 6.2% €1,255 6.3% €1,317 -2.1%

Galway City €760 13.2% €854 10.5% €1,034 10.4% €1,124 10.5% €1,180 1.9%

Limerick City €678 13.7% €762 11.0% €923 11.0% €1,003 11.1% €1,053 2.4%

Waterford City €573 11.4% €644 8.8% €779 8.8% €847 8.8% €889 0.3%


Meath €786 15.6% €910 14.3% €1,101 14.3% €1,198 14.4% €1,257 5.4%

Kildare €829 13.0% €960 11.8% €1,162 11.8% €1,263 11.9% €1,326 3.1%

Wicklow €871 12.9% €1,009 11.7% €1,221 11.7% €1,328 11.7% €1,394 3.0%

Louth €732 19.5% €848 18.3% €1,027 18.2% €1,116 18.3% €1,172 9.1%

Longford €419 12.1% €486 10.9% €587 10.9% €639 11.0% €670 2.3%

Offaly €531 14.6% €615 13.4% €744 13.3% €809 13.4% €849 4.5%

Westmeath €558 13.8% €647 12.6% €783 12.5% €851 12.6% €894 3.8%

Laois €553 14.6% €641 13.4% €776 13.4% €844 13.5% €886 4.6%

Carlow €553 13.2% €640 12.0% €775 12.0% €842 12.1% €884 3.3%

Kilkenny €578 14.1% €670 12.9% €811 12.9% €881 12.9% €925 4.1%

Wexford €509 12.7% €590 11.5% €714 11.5% €776 11.6% €815 2.8%

Waterford Co €500 10.7% €582 9.7% €704 9.6% €765 9.7% €803 1.1%

Kerry €476 9.6% €553 8.6% €669 8.5% €728 8.6% €764 0.1%

Cork Co €567 10.5% €659 9.4% €798 9.4% €868 9.5% €911 0.9%

Clare €484 12.7% €562 11.7% €680 11.6% €740 11.7% €776 3.0%

Limerick Co €478 8.8% €556 7.8% €673 7.8% €731 7.9% €768 -0.6%

Tipperary €474 7.6% €551 6.6% €667 6.6% €725 6.7% €761 -1.7%

Galway Co €518 14.8% €589 15.0% €713 15.0% €775 15.0% €814 6.0%

Mayo €441 7.3% €502 7.5% €607 7.5% €660 7.6% €693 -0.9%

Roscommon €424 7.7% €483 7.9% €585 7.8% €636 7.9% €667 -0.5%

Sligo €477 9.5% €543 9.7% €657 9.7% €714 9.8% €750 1.2%

Leitrim €390 3.7% €444 3.9% €537 3.9% €584 3.9% €613 -4.2%

Donegal €421 8.2% €480 8.4% €580 8.4% €631 8.5% €662 0.0%

Cavan €451 9.2% €514 9.5% €622 9.4% €676 9.5% €709 0.9%

Monaghan €492 9.6% €560 9.8% €678 9.8% €737 9.9% €773 1.3%

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Daft.ie Snapshot of Rents Nationwide What can I ask for? Can I afford it?Average monthly rents across Ireland (€), and annual change (%), 2017 Q2


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Dublin 1 8.4% -0.1% 6.7% -0.3% 6.2% -0.1% 5.5% 0.1% 4.8% 0.0%

Dublin 2 7.3% -0.3% 6.2% -0.4% 5.4% -0.1% 4.4% 0.0% 4.2% -0.7%

Dublin 3 7.4% 0.4% 5.8% -0.1% 5.0% 0.0% 3.8% 0.2% 3.1% 0.0%

Dublin 4 6.6% -0.3% 5.5% 0.0% 4.3% 0.0% 3.0% 0.1% 2.5% -0.1%

Dublin 5 8.2% 0.2% 6.6% -0.4% 5.6% -0.1% 3.9% 0.0% 3.2% -0.6%

Dublin 6 6.3% 0.2% 5.0% -0.3% 4.3% -0.1% 3.0% 0.0% 2.4% -0.4%

Dublin 6W 6.9% 0.1% 5.5% -0.4% 4.7% -0.1% 3.3% 0.0% 2.7% -0.5%

Dublin 7 8.6% 0.2% 6.9% -0.4% 5.9% -0.1% 4.1% 0.0% 3.3% -0.6%

Dublin 8 8.6% 0.0% 6.9% -0.6% 5.9% -0.2% 4.1% -0.1% 3.4% -0.7%

Dublin 9 8.3% 0.4% 6.7% -0.2% 5.7% 0.1% 3.9% 0.1% 3.2% -0.5%

Dublin 10 11.6% 0.7% 9.3% -0.2% 8.0% 0.2% 5.5% 0.3% 4.5% -0.6%

Dublin 11 9.8% -0.1% 7.9% -0.8% 6.7% -0.3% 4.7% -0.1% 3.8% -0.9%

Dublin 12 9.2% 0.1% 7.4% -0.6% 6.3% -0.2% 4.4% 0.0% 3.6% -0.7%

Dublin 13 8.1% 0.3% 6.5% -0.3% 5.5% 0.0% 3.8% 0.1% 3.1% -0.5%

Dublin 14 7.0% 0.0% 5.6% -0.5% 4.8% -0.2% 3.3% -0.1% 2.7% -0.6%

Dublin 15 9.4% 0.2% 7.5% -0.5% 6.4% -0.2% 4.4% 0.0% 3.6% -0.7%

Dublin 16 7.4% 0.1% 6.0% -0.5% 5.1% -0.2% 3.5% 0.0% 2.9% -0.6%

Dublin 17 11.1% 1.4% 8.9% 0.4% 7.6% 0.6% 5.3% 0.6% 4.3% -0.3%

Dublin 18 7.3% 0.2% 5.9% -0.3% 5.0% -0.1% 3.5% 0.0% 2.9% -0.5%

Dublin 20 8.6% 0.1% 6.9% -0.5% 5.9% -0.2% 4.1% 0.0% 3.4% -0.7%

Dublin 22 11.3% 0.5% 9.1% -0.3% 7.8% 0.0% 5.4% 0.2% 4.4% -0.7%

Dublin 24 10.8% 0.4% 8.7% -0.4% 7.4% 0.0% 5.1% 0.1% 4.2% -0.7%

North Co Dublin 8.8% 0.3% 7.1% -0.4% 6.0% -0.1% 4.2% 0.1% 3.4% -0.6%

South Co Dublin 6.6% 0.3% 5.3% -0.2% 4.5% 0.0% 3.1% 0.1% 2.6% -0.4%

West Dublin 9.3% 0.4% 7.5% -0.3% 6.4% 0.0% 4.4% 0.1% 3.6% -0.6%

Cork City 10.1% 0.1% 7.9% -0.7% 6.3% -0.1% 3.9% 0.0% 3.4% -0.4%

Galway City 9.3% 0.1% 7.3% -0.7% 5.8% -0.1% 3.6% 0.0% 3.1% -0.3%

Limerick City 11.2% 0.1% 8.8% -0.8% 7.0% -0.1% 4.4% -0.1% 3.8% -0.4%

Waterford City 11.0% -0.1% 8.6% -1.0% 6.9% -0.2% 4.3% -0.1% 3.7% -0.5%


Meath 10.4% 0.4% 8.6% -0.4% 7.4% 0.0% 4.2% 0.0% 3.9% -0.5%

Kildare 10.2% 0.2% 8.4% -0.6% 7.2% -0.2% 4.1% -0.1% 3.8% -0.6%

Wicklow 8.8% 0.3% 7.2% -0.5% 6.2% -0.1% 3.5% -0.1% 3.3% -0.5%

Louth 10.7% 0.4% 8.8% -0.5% 7.6% -0.1% 4.3% 0.0% 4.0% -0.6%

Longford 11.5% -1.0% 9.5% -1.8% 8.2% -1.2% 4.6% -0.7% 4.3% -1.3%

Offaly 10.4% 0.3% 8.6% -0.6% 7.4% -0.2% 4.2% -0.1% 3.9% -0.6%

Westmeath 10.0% 0.0% 8.3% -0.8% 7.1% -0.4% 4.0% -0.2% 3.7% -0.7%

Laois 10.9% 0.4% 9.0% -0.5% 7.7% -0.1% 4.3% 0.0% 4.0% -0.6%

Carlow 10.5% -0.3% 8.6% -1.1% 7.4% -0.6% 4.2% -0.3% 3.9% -0.9%

Kilkenny 9.4% 0.3% 7.8% -0.5% 6.7% -0.1% 3.8% -0.1% 3.5% -0.5%

Wexford 9.2% -0.1% 7.6% -0.8% 6.5% -0.4% 3.7% -0.2% 3.4% -0.7%

Waterford Co 8.2% -0.4% 7.4% -0.5% 6.1% -0.3% 3.5% -0.1% 3.3% -0.4%

Kerry 9.0% -0.1% 8.2% -0.2% 6.7% 0.0% 3.9% 0.1% 3.6% -0.3%

Cork Co 9.0% -0.5% 8.1% -0.5% 6.7% -0.3% 3.9% -0.1% 3.6% -0.5%

Clare 9.5% -0.1% 8.6% -0.1% 7.1% 0.0% 4.1% 0.1% 3.8% -0.3%

Limerick Co 9.8% -0.8% 8.9% -0.8% 7.3% -0.5% 4.2% -0.2% 3.9% -0.6%

Tipperary 9.6% -0.6% 8.7% -0.6% 7.2% -0.3% 4.2% -0.1% 3.9% -0.5%

Galway Co 11.3% 0.9% 9.4% -0.4% 7.8% -0.2% 4.6% 0.3% 4.0% -0.4%

Mayo 10.6% 0.3% 8.9% -0.9% 7.4% -0.6% 4.3% 0.1% 3.8% -0.6%

Roscommon 12.4% 0.3% 10.3% -1.0% 8.6% -0.7% 5.0% 0.1% 4.4% -0.7%

Sligo 11.7% 0.0% 9.7% -1.3% 8.1% -0.9% 4.7% 0.0% 4.1% -0.8%

Leitrim 11.2% 0.2% 9.3% -1.0% 7.8% -0.7% 4.5% 0.0% 4.0% -0.6%

Donegal 10.8% 0.6% 9.0% -0.6% 7.5% -0.3% 4.4% 0.2% 3.8% -0.4%

Cavan 11.5% 0.5% 9.6% -0.8% 8.0% -0.5% 4.6% 0.2% 4.1% -0.5%

Monaghan 11.0% 0.4% 9.2% -0.8% 7.7% -0.5% 4.4% 0.1% 3.9% -0.6%

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Daft.ie Snapshot of YieldsThe yield is the ratio of annual rents to the price of the property. It is comparable to an interest rate and is frequently used as a measure of how healthy the property market is.Gross annual yields across Ireland (%), and year-on-year change (in percentage points), 2017 Q2.


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Mortgage (4.3%)

Mortgage+2%

Rent Mortgage (4.3%)

Mortgage+2%


Mortgage+2%


Mortgage+2%


Mortgage+2%

Rent

Dublin 1 €804 €1,014 €1,431 €1,206 €1,520 €1,717 €1,633 €2,057 €2,129 €2,277 €2,870 €2,637 €3,031 €3,819 €3,095

Dublin 2 €1,084 €1,366 €1,668 €1,503 €1,894 €1,964 €2,072 €2,611 €2,349 €2,944 €3,710 €2,734 €3,431 €4,323 €3,053

Dublin 3 €872 €1,099 €1,374 €1,305 €1,645 €1,608 €1,782 €2,245 €1,871 €2,631 €3,315 €2,136 €3,450 €4,347 €2,291

Dublin 4 €1,260 €1,588 €1,761 €1,713 €2,159 €2,010 €2,553 €3,217 €2,325 €4,077 €5,138 €2,605 €5,115 €6,445 €2,719

Dublin 5 €697 €879 €1,212 €999 €1,259 €1,394 €1,416 €1,785 €1,687 €2,225 €2,804 €1,834 €2,849 €3,590 €1,925

Dublin 6 €1,153 €1,453 €1,534 €1,653 €2,083 €1,764 €2,343 €2,952 €2,134 €3,680 €4,637 €2,321 €4,713 €5,938 €2,436

Dublin 6W €940 €1,184 €1,373 €1,347 €1,698 €1,578 €1,909 €2,406 €1,910 €2,999 €3,779 €2,077 €3,840 €4,839 €2,180

Dublin 7 €733 €924 €1,330 €1,051 €1,324 €1,529 €1,489 €1,876 €1,850 €2,339 €2,948 €2,012 €2,995 €3,774 €2,112

Dublin 8 €763 €961 €1,396 €1,093 €1,378 €1,606 €1,549 €1,952 €1,943 €2,434 €3,067 €2,112 €3,116 €3,927 €2,217

Dublin 9 €711 €896 €1,247 €1,019 €1,284 €1,434 €1,444 €1,819 €1,736 €2,268 €2,858 €1,887 €2,904 €3,660 €1,981

Dublin 10 €455 €574 €1,119 €652 €822 €1,287 €925 €1,165 €1,557 €1,452 €1,830 €1,693 €1,860 €2,344 €1,777

Dublin 11 €555 €699 €1,157 €795 €1,002 €1,330 €1,127 €1,420 €1,610 €1,771 €2,231 €1,750 €2,267 €2,857 €1,837

Dublin 12 €627 €791 €1,219 €899 €1,133 €1,402 €1,275 €1,606 €1,697 €2,002 €2,523 €1,845 €2,564 €3,231 €1,936

Dublin 13 €718 €904 €1,228 €1,029 €1,296 €1,413 €1,458 €1,837 €1,709 €2,290 €2,885 €1,858 €2,932 €3,695 €1,950

Dublin 14 €904 €1,139 €1,342 €1,296 €1,633 €1,543 €1,836 €2,313 €1,867 €2,884 €3,634 €2,030 €3,693 €4,654 €2,130

Dublin 15 €567 €714 €1,124 €812 €1,023 €1,292 €1,151 €1,450 €1,564 €1,808 €2,278 €1,700 €2,315 €2,917 €1,784

Dublin 16 €788 €992 €1,237 €1,129 €1,423 €1,423 €1,600 €2,016 €1,721 €2,513 €3,167 €1,871 €3,218 €4,055 €1,964

Dublin 17 €480 €605 €1,134 €689 €868 €1,304 €976 €1,230 €1,578 €1,533 €1,932 €1,715 €1,963 €2,474 €1,801

Dublin 18 €872 €1,098 €1,356 €1,250 €1,575 €1,559 €1,771 €2,232 €1,886 €2,782 €3,505 €2,051 €3,562 €4,489 €2,153

Dublin 20 €654 €824 €1,194 €938 €1,182 €1,374 €1,329 €1,675 €1,662 €2,088 €2,630 €1,807 €2,673 €3,369 €1,897

Dublin 22 €461 €581 €1,106 €661 €832 €1,272 €936 €1,180 €1,539 €1,470 €1,853 €1,674 €1,883 €2,373 €1,757

Dublin 24 €492 €619 €1,125 €705 €888 €1,294 €999 €1,258 €1,566 €1,569 €1,977 €1,702 €2,009 €2,531 €1,787

North Co Dublin €567 €715 €1,060 €813 €1,025 €1,219 €1,153 €1,453 €1,475 €1,811 €2,282 €1,603 €2,319 €2,922 €1,683

South Co Dublin €1,021 €1,286 €1,434 €1,463 €1,844 €1,649 €2,074 €2,613 €1,995 €3,257 €4,105 €2,169 €4,171 €5,256 €2,276

West Dublin €548 €691 €1,080 €786 €990 €1,242 €1,113 €1,403 €1,502 €1,749 €2,204 €1,634 €2,240 €2,822 €1,715

Cork City €398 €501 €848 €570 €718 €954 €869 €1,095 €1,154 €1,509 €1,902 €1,255 €1,821 €2,295 €1,317

Galway City €387 €487 €760 €553 €697 €854 €845 €1,064 €1,034 €1,466 €1,848 €1,124 €1,769 €2,230 €1,180

Limerick City €286 €361 €678 €410 €517 €762 €626 €788 €923 €1,086 €1,369 €1,003 €1,311 €1,651 €1,053

Waterford City €246 €310 €573 €352 €444 €644 €537 €677 €779 €933 €1,175 €847 €1,125 €1,418 €889

DU

BLIN

To buy or to rent?Using the Daft.ie House Price and Rental reports, it is possible to calculate the average mortgage payment as well as the average rent, for properties around the country.Current mortgage repayments based off the following parameters: 3.75% variable mortgage, for a term of 30 years, with 85% LTV, while a figure is also given for the case where mortgage rates rise by two percentage points.Average mortgage and rent payments compared, across Ireland, 2017 Q2.


ULS

TER


Mortgage (4.3%)

Mortgage+2%


Mortgage+2%


Mortgage+2%


Mortgage+2%


Mortgage+2%

Rent

Meath €356 €449 €786 €502 €633 €910 €704 €887 €1,101 €1,360 €1,714 €1,198 €1,534 €1,933 €1,257

Kildare €383 €482 €829 €540 €680 €960 €757 €954 €1,162 €1,463 €1,843 €1,263 €1,650 €2,079 €1,326

Wicklow €467 €589 €871 €659 €830 €1,009 €924 €1,164 €1,221 €1,785 €2,249 €1,328 €2,013 €2,536 €1,394

Louth €323 €407 €732 €455 €573 €848 €638 €804 €1,027 €1,233 €1,554 €1,116 €1,390 €1,752 €1,172

Longford €172 €216 €419 €242 €305 €486 €339 €428 €587 €656 €826 €639 €739 €932 €670

Offaly €240 €302 €531 €338 €427 €615 €475 €598 €744 €917 €1,156 €809 €1,034 €1,303 €849

Westmeath €262 €331 €558 €370 €466 €647 €519 €654 €783 €1,003 €1,264 €851 €1,131 €1,425 €894

Laois €240 €302 €553 €338 €426 €641 €475 €598 €776 €917 €1,156 €844 €1,034 €1,303 €886

Carlow €249 €314 €553 €352 €443 €640 €493 €621 €775 €953 €1,201 €842 €1,074 €1,354 €884

Kilkenny €289 €365 €578 €408 €514 €670 €572 €721 €811 €1,105 €1,393 €881 €1,246 €1,571 €925

Wexford €261 €329 €509 €368 €464 €590 €516 €650 €714 €997 €1,257 €776 €1,124 €1,417 €815

Waterford Co €290 €365 €500 €371 €468 €582 €545 €686 €704 €1,026 €1,293 €765 €1,161 €1,463 €803

Kerry €250 €315 €476 €320 €404 €553 €470 €592 €669 €885 €1,115 €728 €1,001 €1,262 €764

Cork Co €298 €376 €567 €382 €482 €659 €561 €707 €798 €1,057 €1,332 €868 €1,196 €1,507 €911

Clare €240 €302 €484 €308 €388 €562 €451 €569 €680 €851 €1,072 €740 €962 €1,213 €776

Limerick Co €231 €291 €478 €296 €373 €556 €435 €548 €673 €819 €1,032 €731 €926 €1,167 €768

Tipperary €233 €293 €474 €298 €376 €551 €437 €551 €667 €824 €1,039 €725 €932 €1,175 €761

Galway Co €217 €274 €518 €296 €374 €589 €430 €542 €713 €805 €1,014 €775 €963 €1,213 €814

Mayo €196 €247 €441 €267 €337 €502 €388 €489 €607 €726 €915 €660 €869 €1,095 €693

Roscommon €162 €204 €424 €221 €278 €483 €320 €404 €585 €600 €756 €636 €718 €904 €667

Sligo €193 €244 €477 €264 €333 €543 €383 €482 €657 €717 €903 €714 €858 €1,081 €750

Leitrim €165 €207 €390 €225 €283 €444 €326 €411 €537 €610 €769 €584 €730 €920 €613

Donegal €185 €233 €421 €252 €318 €480 €366 €461 €580 €685 €863 €631 €820 €1,033 €662

Cavan €186 €234 €451 €254 €320 €514 €368 €463 €622 €688 €867 €676 €824 €1,038 €709

Monaghan €211 €266 €492 €288 €363 €560 €418 €527 €678 €783 €987 €737 €937 €1,181 €773

LEIN

STER

MU

NST

ERCO

NN

ACH

T

To buy or to rent?Using the Daft.ie House Price and Rental reports, it is possible to calculate the average mortgage payment as well as the average rent, for properties around the country.Current mortgage repayments based off the following parameters: 3.75% variable mortgage, for a term of 30 years, with 85% LTV, while a figure is also given for the case where mortgage rates rise by two percentage points.Average mortgage and rent payments compared, across Ireland, 2017 Q2.

DublinRents continue to rise in the capital

North CityAverage rent: €1,310Qtr-on-qtr change: 3.0%Year-on-year change: 9.3%Change from trough: 40.6%

City CentreAverage rent: €1,408Qtr-on-qtr change: 3.0%Year-on-year change: 9.8%Change from trough: 43.5%

South CityAverage rent: €1,520Qtr-on-qtr change: 3.0%Year-on-year change: 7.9%Change from trough: 39.0%

North CountyAverage rent: €1,178

Qtr-on-qtr change: 3.4%Year-on-year change: 11.1%Change from trough: 37.0%

West CountyAverage rent: €1,243


South CountyAverage rent: €1,604

Qtr-on-qtr change: 2.4%Year-on-year change: 7.2%

Change from trough: 34.8%

Dublin Trends Q2 2017

Dublin City Centre North Dublin City South Dublin City North County Dublin South County Dublin West County Dublin

Q12006

Q12007

Q12008

Q12009

Q12010

Q12011

Q12012

Q12013

Q12014

Q12015

€1,800

€1,700

€1,600

€1,500

€1,400

€1,300

€1,200

€1,100

€1,000

€900

€800

Average rental price by area, 2006-2017.

Q12016

Q22017

€1,900


Biggest increases in D8The biggest total increase in rents since 2011 in the capital has been in Dublin 8 (over 83%), while the smallest has been in South County Dublin (62%).

Stock on market fallsThere were just 1,121 properties available to rent in Dublin on August 1st, more than 20% fewer than on the same date in 2016.

Room costs continue to riseThe cost of a single or double room in most parts of Dublin rose by almost 10% in the year to June.

2.3% rise in 3 monthsRents in Dublin rose by an average of 2.3% between March and June, the 20th consecutive quarter of rental increases.

Double BedRENTAL AREAS

Dublin City CentreNorth Dublin CitySouth Dublin CityNorth Co. DublinSouth Co. DublinWest Co. Dublin

AVG. RENT

€ 632€ 506€ 542€ 452€ 532€ 443

YR/YR CHANGE

8.0%9.5%8.8%10.5%2.3%9.9%

AVG. RENT

€ 724€ 613€ 681€ 560€ 655€ 565

YR/YR CHANGE

6.3%10.1% 7.4%9.8%9.2%8.0%

Single Bed

Rent-a-Room Trends Q2 2017

North CityAverage rent: €1,593Qtr-on-qtr: 2.6%Year-on-year: 12.3%Change from trough: 71.1%

City CentreAverage rent: €1,741Qtr-on-qtr: 3.0%Year-on-year: 15.7%Change from trough: 77.4%

South CityAverage rent: €1,821Qtr-on-qtr: 1.9%Year-on-year: 10.9%Change from trough: 68.0%

North CountyAverage rent: €1,426

Qtr-on-qtr: 2.1%Year-on-year: 12.1%


West CountyAverage rent: €1,498



South CountyAverage rent: €1,902



LeinsterRecord scarcity of rental properties in Leinster

LouthAverage rent: €793Qtr-on-qtr change: 4.3%Year-on-year change: 13.3%Change from trough: 29.9%

MeathAverage rent: €878Qtr-on-qtr change: 4.4%Year-on-year change: 14.5%Change from trough: 35.9%

KildareAverage rent: €950Qtr-on-qtr change: 3.1%Year-on-year change: 11.3%Change from trough: 35.3%

WicklowAverage rent: €1,002Qtr-on-qtr change: 2.2%Year-on-year change: 8.1%Change from trough: 29.7%

WexfordAverage rent: €613Qtr-on-qtr change: 2.2%Year-on-year change: 5.3%Change from trough: 13.2%

LongfordAverage rent: €476


WestmeathAverage rent: €643



OffalyAverage rent: €626



LaoisAverage rent: €636


KilkennyAverage rent: €688



CarlowAverage rent: €679


From trough: 14.6%

Leinster Trends Q2 2017

Dublin Commuter Counties West Leinster South-East Leinster

€1,100

€1,000

€900

€800

€700

€600

€500

€400

Average rental prices by area, 2006-2017.

Q12006

Q12007

Q12008

Q12009

Q12010

Q12011

Q12012

Q12013

Q12014

Q12015

Q12016

Q22017

€1,200


Rents up 57% from lowRents have now increased by at least a third, with the smallest increases in Carlow and Wexford and the largest in Meath (over 70%).

Stock at new all-time lowThere were just 561 properties available to rent in Leinster outside Dublin on August 1st, the lowest on record and almost 17% lower than the same date in 2016.

Room costs continue to riseAll segments of the rent-a-room market in Leinster have seen significant increases over the last year, of between 7% and 12%.

2.4% rise across LeinsterRents in Leinster, outside Dublin, rose across the board, by an average of 2.4% between March and June, the 18th straight quarter of rental gains.


Dublin Commuter CountiesWest LeinsterSouth East Leinster

AVG. RENT

€ 383€ 275€ 310

YR/YR CHANGE

9.1%6.8%

6.9%

AVG. RENT

€ 460€ 332€ 366

YR/YR CHANGE

7.2%12.4%

8.4%

Single Bed


LouthAverage rent: €1,024Qtr-on-qtr: 3.7%Year-on-year: 17.5%Change from trough: 67.7%

MeathAverage rent: €1,109Qtr-on-qtr: 2.6%Year-on-year: 14.1%Change from trough: 71.6%

KildareAverage rent: €1,156Qtr-on-qtr: 2.2%Year-on-year: 11.5%Change from trough: 64.6%

WicklowAverage rent: €1,193Qtr-on-qtr: 2.1%Year-on-year: 11.3%Change from trough: 54.4%

WexfordAverage rent: €718Qtr-on-qtr: 2.2%Year-on-year: 11.0%Change from trough: 32.5%

LongfordAverage rent: €580



WestmeathAverage rent: €787



OffalyAverage rent: €750



LaoisAverage rent: €784



KilkennyAverage rent: €831



CarlowAverage rent: €794



MunsterMunster rents now at Celtic Tiger peaks

TipperaryAverage rent: €629Qtr-on-qtr change: 1.7%Year-on-year change: 6.0%Change from trough: 11.5%

Limerick CityAverage rent: €761Qtr-on-qtr change: 6.1%Year-on-year change: 11.4%Change from trough: 25.1%

Waterford CountyAverage rent: €633Qtr-on-qtr change: 1.5%Year-on-year change: 7.1%Change from trough: 11.2%

Waterford CityAverage rent: €661Qtr-on-qtr change: 5.2%Year-on-year change: 9.6%Change from trough: 17.8%

ClareAverage rent: €591



Limerick CountyAverage rent: €631



KerryAverage rent: €623



Cork CountyAverage rent: €691


Cork CityAverage rent: €950


Munster Trends Q2 2017

Cork City Limerick City Waterford City Rest-of-Munster

€1,100

€1,000

€900

€800

€700

€600

€500

€400

Average house price by area, 2006-2017.

Q12006

Q12007

Q12008

Q12009

Q12010

Q12011

Q12012

Q12013

Q12014

Q12015

Q12016

Q22017

€1,200


Urban inflation coolsAnnual inflation in Cork, Limerick and Waterford cities fell slightly - for example from 10% to 7% in Cork - but are still increasing rapidly.

700 homes on the marketFewer than 700 homes were available to rent in Munster on August 1st, the lowest since early 2006.

Room costs continue to riseRoom costs across Munster rose in the year to June, with many segments seeing double-digit increases.

3.5% increase in 3 monthsMunster rents, outside the three cities, rose by 3.5% between March and June, and are now just 1% below Celtic Tiger peaks.


Cork City Centre Cork City Suburbs Cork Commuter Towns Limerick City Centre Limerick City Suburbs Waterford City Centre Rest of Munster

AVG. RENT

€ 399€ 352€ 356€ 309€ 275€ 287€ 272

YR/YR CHANGE

14.0%2.9%

11.3%10.8%

5.0%0.0%5.4%

AVG. RENT

€ 474€ 445€ 432€ 375€ 332€ 309€ 314

YR/YR CHANGE

9.5%8.5%

9.1%17.6%

7.8% 4.7%

6.8%

Single Bed


TipperaryAverage rent: €702Qtr-on-qtr: 2.8%Year-on-year: 8.0%Change from trough: 24.5%

Limerick CityAverage rent: €919Qtr-on-qtr: 3.0%Year-on-year: 10.8%Change from trough: 51.0%

Waterford CountyAverage rent: €746Qtr-on-qtr: 3.4%Year-on-year: 11.4%Change from trough: 31.0%

Waterford CityAverage rent: €772Qtr-on-qtr: 2.0%Year-on-year: 8.4%Change from trough: 37.6%

Cork CityAverage rent: €1,122



ClareAverage rent: €709



Limerick CountyAverage rent: €722



KerryAverage rent: €705



Cork CountyAverage rent: €832



Connacht/UlsterStrong increases continue in Connacht-Ulster

LeitrimAverage rent: €470Qtr-on-qtr change: 3.0%Year-on-year change: 8.2%Change from trough: 14.0%

MonaghanAverage rent: €580Qtr-on-qtr change: 3.1%Year-on-year change: 6.8%Change from trough: 12.3%

CavanAverage rent: €534Qtr-on-qtr change: 4.0%Year-on-year change: 10.0%Change from trough: 13.3%

RoscommonAverage rent: €534Qtr-on-qtr change: 2.3%Year-on-year change: 6.6%Change from trough: 8.3%

DonegalAverage rent: €525


SligoAverage rent: €576



MayoAverage rent: €560


Galway CityAverage rent: €868


Galway CountyAverage rent: €611


Average house price by area, 2006-2017.

Connacht/Ulster Trends Q2 2017

Galway City Connacht Ulster

€900

€850

€800

€750

€700

€650

€600

€550

€500

€450

€400Q1

2006Q1

2007Q1

2008Q1

2009Q1

2010Q1

2011Q1

2012Q1

2013Q1

2014Q1

2015Q1

2016Q2

2017

€950

€1000

€1050


Galway premium growsThe rental premium for living in Galway compared to elsewhere in Connacht has doubled in recent years, from 30% to roughly 60% - most of this change occurred between 2013 and 2015.

Fewer than 600 homes on the marketThere were just 564 homes available to rent in Connacht and Ulster on August 1st, the lowest availability since the middle of 2006.

Room costs continue to riseRoom costs rose throughout the region in the year to June, with increases of at least 10% the norm, except in central Galway.

Rents up 2.2% in three monthsRents rose by 2.2% between April and June across Connacht and Ulster, the 12th time in the last 13 quarters that rents have risen in the region.


Galway City Centre Galway City Suburbs Rest of ConnachtUlster (ROI)

AVG. RENT

€ 348€ 321€ 254€ 236

YR/YR CHANGE

10.1%9.2%7.5%

17.8%

AVG. RENT

€ 407€ 369€ 290€ 264

YR/YR CHANGE

6.3%9.8%7.2%7.1%

Single Bed


DonegalAverage rent: €595



SligoAverage rent: €658



MayoAverage rent: €622



Galway CityAverage rent: €1,026



Galway CountyAverage rent: €732



LeitrimAverage rent: €525Qtr-on-qtr: 1.5%Year-on-year: 6.9%Change from trough: 27.3%

MonaghanAverage rent: €683Qtr-on-qtr: 2.4%Year-on-year: 12.1%Change from trough: 32.2%

CavanAverage rent: €639Qtr-on-qtr: 2.3%Year-on-year: 11.3%Change from trough: 35.5%

RoscommonAverage rent: €607Qtr-on-qtr: 2.0%Year-on-year: 10.5%Change from trough: 23.2%

Over the last number of years, Daft.ie has collected a vast amount of data on the Irish property market. Each year tens of thousands of properties for sale or rent are advertised on the site.About the Report

The goal of the Daft Report is to use this

information to help all actors in the property

market make informed decisions about buying and

selling. In addition, because it is freely available, the

Daft Report can help inform the media, the general

public and policymakers about the latest

developments in the property market.

This is the Daft.ie Rental Price Report, the partner

to the Daft.ie House Price Report, which will be

issued in October. Together, they give house-

hunters and investors more information to help

them make their decisions. These twin reports

mean that Daft is the only objective monitor of

trends in both rental and sales markets on a

quarterly basis, making the report an essential

barometer for anyone with an interest in the Irish

property market.

The Daft Report was first launched in 2005. It has

already become the definitive barometer

of the Irish rental market and is being used by the

Central Bank, mortgage institutions, financial

analysts and the general public alike. The Daft.ie

House Price report is Ireland’s longest-running

house price report, combining information from the

Daft.ie archives with data from Ireland’s

Residential Property Price Register.

Methodology and Sample Size

The statistics are based on properties advertised

on Daft.ie for a given period. The regressions used

are hedonic price regressions, accounting for all

available and measurable attributes of properties,

with a Cooks Distance filter for outliers. The

average monthly sample size for lettings properties

is 5,000. Indices are based on standard methods,

holding the mix of characteristics constant.

About Daft.ie

Daft.ie is Ireland’s largest property website with

over 2.5 million unique users of the site generating

over 228 million page views each month.

Disclaimer

The Daft.ie Report is prepared from information

that we believe is collated with care, but we do

not make any statement as to its accuracy or

completeness. We reserve the right to vary our

methodology and to edit or discontinue the indices,

snapshots or analysis at any time for regulatory or

other reasons. Persons seeking to place reliance on

any information contained in this report for their

own or third party commercial purposes do so at

their own risk.

Credits

Economic Analysis: Ronan Lyons

Marketing and Communications: Martin Clancy

Layout and Design:

William Tector & Dara Gannon

Coming next:

The Daft.ie House Price Report2017 Q3The Daft.ie House Price Report will be published in October and will include a review of the performance of Ireland’s sales market in the third quarter of 2017, plus all the usual indices, snapshots, trends and analysis, providing analysts, buyers, sellers and the public with the most up-to-date information on Ireland’s sales market.

All data is Copyright © Daft Media Limited. The information contained in this report may only be reproduced if the source is clearly credited. Please contact Daft.ie on 01-4218700 for further information.

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