The Daft.ie Rental Price Report · see why, consider the example of cars. Suppose a city had...

The Daft.ie Rental Price ReportAn analysis of recent trends in the Irish rental market 2019 Q1

Introduction by Ronan Lyons, Assistant Professor at

Trinity College Dublin and author of the Daft Report.

The figures in this latest Daft.ie Rental Report do little to assuage the worries of policymakers, renters and others interested in a healthy rental market. For the 27th quarter in a row, rents have risen

nationally, quarter-on-quarter. And for the 13th

time in those 27 quarters, rents rose quarter-on-

quarter not just on average nationally but in each of

the 54 markets analysed in the report.

There are some crumbs of comfort. The national

annual rate of inflation was 8.3% in the first quarter

of 2019, its lowest level in five years. A second silver

lining is that rental inflation is lowest in the Greater

Dublin area. In Dublin, rents are 6.8% higher than

a year ago – and in Leinster, rents are 7.3% higher.

In other parts of the country, where rents are on

average lower, often much lower, inflation remains

above 10%.

But these are small consolations, at best. Nobody

could argue that an inflation rate of 7% or 8% is

anything like a healthy outcome. Ireland’s rental

market remains starved of supply. This can be seen

in the measure of availability included in the report.

On May 1st, there were just 2,700 properties

available to rent nationwide on daft.ie. This is the

lowest ever figure for stock on the market, in a

series that goes back to the start of 2006. The

length of this series allows us to put the current

rental shortage into perspective. During the

Celtic Tiger period, rental stock bottomed out at

just under 4,400 in early 2007. Only once in the

41 months and counting since the start of 2016

has the number of rental homes on the market

been above this Celtic Tiger low – and that was in

December of that year, an atypical month in the

rental market.

It has become fashionable among some market

commentators to deny the realities of supply and

demand. The roots of this stem from the Celtic

Tiger period, when – at first glance – it seemed that

supply and prices moved up together. Prices rose

at double-digit rates when the country was building

twice as many homes as it needed – surely, supply

is irrelevant for prices?

The answer to that conundrum is, of course, that

demand was increasing at an even faster rate.

Work from my own doctorate suggests that credit

conditions alone drove higher sale prices 2001-

2007 and, once loose credit is stripped out, the

normal relationship between supply and prices was

still there. Indeed, that is why prices fell by so much

once loose credit has stopped, 2007-2012.

A similar argument has now emerged in the rental

segment. It argues that supply cannot be the

Still some time before a healthyrental market

The Daft.ie Rental Price Report – 2019 Q1 | 2

Ronan Lyons, Assistant Professor of Economics at Trinity College Dublin

answer because newly built rental supply – for

example in the form of purpose-built student

accommodation or more recently “PRS” built-to-

rent homes – is expensive.

This misses the point of new supply entirely. To

see why, consider the example of cars. Suppose

a city had 100,000 cars, all of which were old and

well-travelled, and then imported 50,000 brand

new cars. Clearly, any one of the new cars will be

more expensive than the old one. And, if you took

a simple average price of all cars, you might think

cars had become more expensive.

But the true measure of the effect of the new cars

is what happens the price of the old cars. The influx

of new cars would mean that each of the older

cars has now fallen in price. This highlights the

importance of measuring on a like for like basis,

when thinking about price trends. Even if newly-

built rental accommodation is more expensive than

the market average – which incidentally is almost

always true, given the high spec of new homes –

the price of other accommodation will be lower

than if those new homes hadn’t been built.

The figure accompanying this piece shows the

reality of what rental supply does in the Irish

market – more specifically the Dublin rental market.

The horizontal axis measures how many properties

were listed for rent in the capital in a particular

quarter, while the vertical axis shows what

happened rents in the city in that quarter. Each dot

shows what happened in any given quarter and

together they show a clear downward trend. The

more properties listed for rent in a three-month

period, the more downward pressures on rents in

the city.

The figure actually tells us more than just that the

basic laws of economics apply to the Dublin rental

market. They also suggest that the level of supply

needed for rents to not change is about 13,000 per

quarter, or 1,000 per week. Currently, the Dublin

market is getting half that – about 500 per week.

To close that gap, Dublin needs to build tens of

thousands more rental homes. How many depends

on how frequently these change tenants. Suppose

the average tenancy last three years, which is

somewhat shorter than is currently the case (and

thus lowering the total number of homes needed).

In that case, Dublin would need build an extra 500

rental homes to come on the market each week

for those full three years, to close the gap between

the 500 that are coming on and the 500 that are

needed.

That’s almost 80,000 rental homes that Dublin

needs to build, as soon as possible. The solution is

not going to be in hoping that amateur landlords

price out first-time buyers in the existing housing

stock. Rather, the solution is clearly going to

involve new purpose-built rental supply, made by

professional developers and backed by long-term

international capital. Firms that do this are hardly

cuckoos, pushing us out of our nests. They are

swallows, each one bringing us closer to a summer.

3 | The Daft.ie Rental Price Report – 2019 Q1

8.3%(Year-on-year change in the average listed rent)

Rents Rise Nationally

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

January 127.5 137.4 119.9 103.2 99.8 99.0 102.0 109.7 120.4 132.1 148.9 164.8 180.2

February 131.5 137.4 116.8 102.3 100.6 98.8 103.3 111.1 121.7 132.4 150.7 168.3 181.6

March 133.4 135.8 114.3 102.1 100.3 98.6 103.4 112.3 122.2 133.7 151.7 170.0 183.1

April 133.8 135.2 112.3 101.5 100.2 98.4 104.0 113.3 123.2 134.5 152.5 170.5 184.1

May 134.5 133.4 110.6 101.1 100.1 98.8 103.7 114.6 124.2 138.9 154.3 174.1

June 135.1 132.0 109.1 100.5 99.8 99.0 103.6 115.3 125.2 140.4 155.7 175.3

July 135.3 132.1 107.7 100.4 100.3 99.6 105.4 116.3 126.7 140.7 157.3 175.4

August 136.4 131.2 107.3 101.4 100.3 100.6 106.7 117.3 128.3 143.7 160.1 177.6

September 136.9 130.3 106.2 101.1 99.7 100.7 107.4 118.3 129.6 145.4 160.7 179.0

October 136.6 127.5 104.7 100.7 99.1 100.7 107.9 118.8 130.2 146.5 161.3 178.3

November 136.4 123.3 102.6 99.1 98.3 101.5 107.7 119.6 129.7 148.3 163.6 179.2

December 136.6 120.1 101.7 98.9 98.7 101.2 108.3 119.9 130.5 148.3 164.4 179.6

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

The Daft.ie Rental Price Report – 2019 Q1 | 4

€1,366

Average Nationwide

RentRents rise 1.5% in first quarterRents nationwide rose by 1.5% in the first quarter of 2019, the second smallest quarterly increase in five years.

The Daft.ie Rental Price Report – 2019 Q1 | 65 | The Daft.ie Rental Price Report – 2019 Q1

Stock of properties to rent on Daft.ie (start of month) and flow of new properties to rent, 2006-2019

Stock Inflow Outflow

0

5,000

10,000

15,000

20,000

25,000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Inflation highest outside LeinsterRents in Dublin are 7% higher than a year ago - while rents in Munster, Connacht and Ulster, outside the cities, have risen by 12% in the same period.

Availability at its lowest ever levelThere were just 2,700 homes available to rent nationwide on May 1st, the lowest total ever recorded in a series dating back to 2006.

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€1,331 | 10.0%

Limerick City€1,195 | 14.4%

Galway City€1,260 | 11.4%

Waterford City€968 | 13.6%

NationwideAverage rental prices and Y-on-Y change

DublinAverage rental prices and Y-on-Y change

North County€1,671 | 6.9%

South County€2,190 | 6.7%

West County€1,778 | 7.7%

South City€2,131 | 7.0%

City Centre€2,046 | 6.4%

North City€1,881 | 6.8%

MN€79911.2%

CN€74010.5%

WH€95511.6%

LD€69310.4%

LH€1,2067.6%

MH€1,2997.4%

KE€1,3145.4%

WW€1,383

7.1%

WX€8377.4%

CW€9178.3%

KK€9396.7%

LS€9349.0%

OY€8848.5%

G€90616.6%

MO€73111.8%

SO€76011.8%

DL€6458.5%

RN€69911.7%

LM€5908.1%

CE€8329.8%

T€83210.8%

L€86411.4%

C€1,00612.7%

KY€84811.8%

W€92816.0% Rents now 33% higher than their 2008 peak

The average market rent nationwide has risen by 84% since

bottoming out in late 2011 and, having exceeded its 2008

peak in 2016, is now 32.7% above the previous high. In Dublin,

rents are now an average of 39% above their previous peak

while in Cork and Galway cities, rents are 32% and 49% above

levels recorded a dozen years ago. Outside the cities, the

average rent is 24% above its previous peak.



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

Dublin 1 €1,589 3.9% €1,937 4.3% €2,417 4.9% €3,048 8.4% €3,565 6.9%

Dublin 2 €1,846 3.5% €2,197 3.7% €2,623 4.6% €3,102 5.4% €3,599 6.3%

Dublin 3 €1,574 6.1% €1,852 5.3% €2,135 4.1% €2,447 4.4% €2,732 12.3%

Dublin 4 €1,976 5.4% €2,268 5.7% €2,603 5.4% €2,955 7.4% €3,109 2.2%

Dublin 5 €1,467 9.3% €1,689 8.7% €1,966 7.3% €2,141 6.3% €2,312 9.9%

Dublin 6 €1,799 8.1% €2,072 7.5% €2,411 6.1% €2,626 5.1% €2,837 8.6%

Dublin 6W €1,597 8.0% €1,839 7.4% €2,140 6.0% €2,331 5.1% €2,518 8.6%

Dublin 7 €1,570 6.8% €1,808 6.2% €2,104 4.8% €2,292 3.9% €2,475 7.3%

Dublin 8 €1,656 7.6% €1,906 7.0% €2,218 5.6% €2,416 4.6% €2,610 8.1%

Dublin 9 €1,473 7.0% €1,696 6.4% €1,974 5.0% €2,150 4.1% €2,322 7.5%

Dublin 10 €1,435 14.0% €1,652 13.3% €1,923 11.9% €2,095 10.9% €2,262 14.6%

Dublin 11 €1,363 8.4% €1,569 7.7% €1,826 6.4% €1,989 5.4% €2,148 8.9%

Dublin 12 €1,444 6.8% €1,662 6.2% €1,935 4.8% €2,107 3.9% €2,276 7.3%

Dublin 13 €1,445 6.3% €1,664 5.7% €1,937 4.3% €2,110 3.4% €2,279 6.8%

Dublin 14 €1,572 6.0% €1,809 5.4% €2,106 4.0% €2,294 3.1% €2,478 6.5%

Dublin 15 €1,328 7.4% €1,529 6.7% €1,780 5.4% €1,939 4.4% €2,094 7.9%

Dublin 16 €1,432 8.0% €1,648 7.4% €1,919 6.0% €2,090 5.0% €2,257 8.5%

Dublin 17 €1,418 9.8% €1,632 9.2% €1,900 7.8% €2,070 6.8% €2,235 10.4%

Dublin 18 €1,597 7.9% €1,838 7.3% €2,140 5.9% €2,331 4.9% €2,517 8.4%

Dublin 20 €1,449 8.2% €1,668 7.6% €1,942 6.2% €2,115 5.2% €2,284 8.7%

Dublin 22 €1,332 10.7% €1,534 10.0% €1,785 8.6% €1,944 7.6% €2,100 11.2%

Dublin 24 €1,320 5.1% €1,519 4.5% €1,769 3.2% €1,926 2.3% €2,080 5.7%

North Co Dublin €1,247 7.7% €1,436 7.1% €1,671 5.7% €1,820 4.8% €1,966 8.2%

South Co Dublin €1,649 7.0% €1,899 6.4% €2,210 5.1% €2,407 4.1% €2,600 7.6%

West Dublin €1,291 8.5% €1,486 7.8% €1,730 6.5% €1,884 5.5% €2,035 9.0%

Cork City €1,005 10.0% €1,147 9.8% €1,335 8.4% €1,454 7.4% €1,570 11.0%

Galway City €930 11.5% €1,061 11.3% €1,235 9.9% €1,346 8.9% €1,453 12.5%

Limerick City €878 14.2% €1,003 14.0% €1,167 12.6% €1,271 11.6% €1,373 15.3%

Waterford City €731 13.5% €835 13.3% €972 11.9% €1,058 10.9% €1,143 14.6%


Meath €922 6.3% €1,072 6.9% €1,247 5.5% €1,359 4.5% €1,467 8.0%

Kildare €943 4.4% €1,096 4.9% €1,276 3.6% €1,390 2.7% €1,501 6.1%

Wicklow €1,009 5.8% €1,173 6.3% €1,365 5.0% €1,487 4.0% €1,606 7.5%

Louth €861 6.5% €1,001 7.0% €1,165 5.6% €1,269 4.7% €1,371 8.2%

Longford €503 9.2% €585 9.7% €680 8.3% €741 7.4% €800 10.9%

Offaly €627 7.7% €729 8.3% €849 6.9% €924 5.9% €998 9.5%

Westmeath €682 10.9% €793 11.4% €923 10.0% €1,005 9.0% €1,086 12.6%

Laois €665 8.5% €773 9.0% €900 7.6% €980 6.7% €1,058 10.2%

Carlow €643 7.7% €748 8.2% €871 6.8% €948 5.9% €1,024 9.4%

Kilkenny €659 6.0% €767 6.6% €892 5.2% €972 4.3% €1,050 7.7%

Wexford €596 6.5% €693 7.0% €806 5.6% €878 4.7% €949 8.2%

Waterford Co €633 15.0% €728 13.3% €847 11.8% €922 10.8% €996 14.5%

Kerry €578 10.9% €664 9.2% €773 7.8% €842 6.9% €910 10.4%

Cork Co €695 11.9% €798 10.2% €929 8.8% €1,012 7.9% €1,093 11.4%

Clare €568 8.5% €652 6.9% €759 5.5% €827 4.6% €893 8.0%

Limerick Co €581 11.1% €668 9.5% €778 8.1% €847 7.1% €915 10.7%

Tipperary €570 9.9% €655 8.3% €762 6.9% €830 6.0% €896 9.5%

Galway Co €626 12.6% €727 14.3% €846 12.8% €921 11.8% €995 15.5%

Mayo €510 8.2% €592 9.7% €689 8.3% €750 7.3% €810 10.9%

Roscommon €482 8.5% €560 10.0% €651 8.6% €709 7.6% €766 11.2%

Sligo €541 8.1% €628 9.6% €732 8.2% €797 7.2% €860 10.8%

Leitrim €430 4.5% €499 6.0% €581 4.6% €633 3.7% €683 7.1%

Donegal €454 6.2% €527 7.7% €614 6.3% €668 5.4% €722 8.9%

Cavan €512 6.7% €595 8.3% €693 6.9% €754 5.9% €815 9.4%

Monaghan €566 7.6% €657 9.2% €765 7.8% €833 6.8% €899 10.3%

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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 (%), 2019 Q1.


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Dublin 1 8.6% 0.0% 7.2% 0.2% 6.8% 0.3% 6.3% 0.6% 5.9% 0.5%

Dublin 2 6.8% 0.1% 6.2% 0.4% 5.9% 0.7% 5.0% 0.6% 4.9% 0.6%

Dublin 3 7.2% -0.2% 6.0% -0.2% 5.5% 0.2% 4.2% 0.1% 3.8% 0.4%

Dublin 4 7.5% 0.5% 6.0% 0.4% 4.7% 0.3% 3.4% 0.3% 3.1% 0.4%

Dublin 5 8.8% 0.2% 7.2% -0.2% 6.3% 0.3% 4.2% 0.0% 3.9% 0.2%

Dublin 6 6.2% 0.1% 5.0% -0.2% 4.4% 0.2% 3.0% 0.0% 2.7% 0.1%

Dublin 6W 7.2% 0.4% 5.9% 0.0% 5.1% 0.4% 3.4% 0.1% 3.2% 0.2%

Dublin 7 8.6% 0.2% 7.0% -0.2% 6.1% 0.3% 4.1% 0.0% 3.8% 0.2%

Dublin 8 8.9% 0.3% 7.2% -0.1% 6.4% 0.4% 4.2% 0.1% 3.9% 0.2%

Dublin 9 8.5% 0.1% 6.9% -0.3% 6.1% 0.2% 4.1% 0.0% 3.8% 0.1%

Dublin 10 12.2% 0.8% 10.0% 0.2% 8.8% 0.8% 5.8% 0.3% 5.4% 0.4%

Dublin 11 10.3% 0.3% 8.4% -0.2% 7.3% 0.4% 4.9% 0.1% 4.6% 0.2%

Dublin 12 9.5% 0.0% 7.7% -0.4% 6.8% 0.2% 4.5% -0.1% 4.2% 0.1%

Dublin 13 8.4% 0.1% 6.9% -0.3% 6.0% 0.2% 4.0% 0.0% 3.7% 0.1%

Dublin 14 7.1% 0.0% 5.8% -0.3% 5.1% 0.1% 3.4% -0.1% 3.2% 0.0%

Dublin 15 9.8% 0.2% 8.0% -0.2% 7.0% 0.4% 4.7% 0.0% 4.4% 0.2%

Dublin 16 7.7% 0.3% 6.3% -0.1% 5.5% 0.4% 3.7% 0.1% 3.4% 0.2%

Dublin 17 12.8% 1.8% 10.4% 1.0% 9.1% 1.5% 6.1% 0.8% 5.7% 0.9%

Dublin 18 7.7% 0.2% 6.3% -0.2% 5.5% 0.3% 3.7% 0.0% 3.4% 0.1%

Dublin 20 9.4% 0.1% 7.6% -0.3% 6.7% 0.3% 4.5% 0.0% 4.1% 0.1%

Dublin 22 11.9% 0.6% 9.7% 0.0% 8.5% 0.7% 5.7% 0.2% 5.3% 0.4%

Dublin 24 11.0% 0.0% 9.0% -0.5% 7.9% 0.2% 5.2% -0.1% 4.9% 0.1%

North Co Dublin 9.2% 0.2% 7.5% -0.2% 6.6% 0.4% 4.4% 0.1% 4.1% 0.2%

South Co Dublin 6.7% 0.2% 5.5% -0.1% 4.8% 0.3% 3.2% 0.0% 3.0% 0.1%

West Dublin 10.1% 0.5% 8.2% 0.1% 7.2% 0.6% 4.8% 0.2% 4.5% 0.3%

Cork City 9.9% 0.1% 8.3% -0.1% 6.7% 0.3% 4.3% -0.1% 3.8% 0.1%

Galway City 9.4% 0.1% 7.9% -0.1% 6.4% 0.3% 4.1% -0.1% 3.6% 0.1%

Limerick City 11.8% 0.3% 9.9% 0.0% 8.0% 0.4% 5.1% 0.0% 4.5% 0.2%

Waterford City 11.3% 0.2% 9.4% 0.0% 7.6% 0.4% 4.9% 0.0% 4.3% 0.2%


Meath 10.6% -0.1% 9.0% -0.4% 8.0% 0.1% 4.5% -0.1% 4.4% -0.1%

Kildare 10.3% 0.0% 8.7% -0.3% 7.8% 0.2% 4.3% -0.1% 4.3% 0.0%

Wicklow 8.8% 0.1% 7.5% -0.2% 6.6% 0.2% 3.7% 0.0% 3.6% 0.0%

Louth 11.2% 0.1% 9.5% -0.3% 8.4% 0.2% 4.7% 0.0% 4.6% 0.0%

Longford 11.6% -0.2% 9.8% -0.5% 8.7% 0.1% 4.9% -0.2% 4.8% -0.1%

Offaly 10.3% 0.0% 8.8% -0.3% 7.8% 0.2% 4.3% -0.1% 4.3% 0.0%

Westmeath 10.3% 0.2% 8.7% -0.2% 7.7% 0.3% 4.3% 0.0% 4.3% 0.0%

Laois 11.0% -0.2% 9.3% -0.5% 8.3% 0.0% 4.6% -0.2% 4.6% -0.1%

Carlow 10.3% -0.4% 8.7% -0.6% 7.7% -0.1% 4.3% -0.2% 4.3% -0.2%

Kilkenny 9.4% 0.0% 7.9% -0.2% 7.0% 0.2% 3.9% -0.1% 3.9% 0.0%

Wexford 9.4% 0.1% 8.0% -0.2% 7.1% 0.2% 3.9% 0.0% 3.9% 0.0%

Waterford Co 8.7% 0.5% 7.9% -0.2% 6.9% 0.4% 3.8% 0.1% 3.8% 0.1%

Kerry 9.2% 0.3% 8.4% -0.5% 7.3% 0.2% 4.0% 0.0% 4.1% 0.0%

Cork Co 9.4% 0.4% 8.5% -0.3% 7.4% 0.4% 4.0% 0.1% 4.1% 0.0%

Clare 9.1% -0.2% 8.2% -1.0% 7.2% -0.2% 3.9% -0.2% 4.0% -0.3%

Limerick Co 9.6% -0.2% 8.8% -1.0% 7.7% -0.2% 4.2% -0.2% 4.3% -0.3%

Tipperary 9.6% -0.1% 8.7% -0.9% 7.6% -0.1% 4.1% -0.2% 4.2% -0.2%

Galway Co 11.4% 0.5% 9.7% 0.1% 8.6% 0.7% 4.7% 0.2% 4.7% 0.3%

Mayo 10.7% -0.3% 9.1% -0.6% 8.0% 0.1% 4.5% -0.1% 4.4% 0.0%

Roscommon 11.7% -0.5% 9.9% -0.8% 8.8% 0.0% 4.9% -0.2% 4.8% -0.1%

Sligo 11.7% -0.3% 9.9% -0.6% 8.7% 0.2% 4.8% -0.1% 4.8% 0.0%

Leitrim 10.4% -1.1% 8.8% -1.2% 7.8% -0.4% 4.3% -0.4% 4.3% -0.3%

Donegal 10.8% -0.2% 9.1% -0.5% 8.1% 0.2% 4.5% -0.1% 4.4% 0.0%

Cavan 11.1% -0.8% 9.5% -1.0% 8.3% -0.2% 4.6% -0.3% 4.6% -0.2%

Monaghan 10.9% -0.3% 9.3% -0.6% 8.2% 0.2% 4.5% -0.1% 4.5% 0.0%

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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), 2019 Q1.


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Mortgage (3.5%)

Mortgage+2%

Rent Mortgage (3.5%)

Mortgage+2%


Mortgage+2%


Mortgage+2%


Mortgage+2%

Rent

Dublin 1 €849 €1,073 €1,589 €1,237 €1,565 €1,937 €1,618 €2,046 €2,417 €2,211 €2,796 €3,048 €2,775 €3,509 €3,565

Dublin 2 €1,247 €1,576 €1,846 €1,627 €2,057 €2,197 €2,029 €2,566 €2,623 €2,845 €3,598 €3,102 €3,391 €4,287 €3,599

Dublin 3 €1,008 €1,274 €1,574 €1,406 €1,778 €1,852 €1,791 €2,265 €2,135 €2,677 €3,385 €2,447 €3,279 €4,146 €2,732

Dublin 4 €1,205 €1,524 €1,976 €1,726 €2,182 €2,268 €2,535 €3,206 €2,603 €3,972 €5,022 €2,955 €4,602 €5,819 €3,109

Dublin 5 €763 €964 €1,467 €1,078 €1,363 €1,689 €1,429 €1,807 €1,966 €2,332 €2,949 €2,141 €2,715 €3,432 €2,312

Dublin 6 €1,333 €1,685 €1,799 €1,884 €2,383 €2,072 €2,498 €3,159 €2,411 €4,076 €5,154 €2,626 €4,744 €5,999 €2,837

Dublin 6W €1,017 €1,286 €1,597 €1,438 €1,818 €1,839 €1,906 €2,410 €2,140 €3,110 €3,932 €2,331 €3,620 €4,577 €2,518

Dublin 7 €839 €1,060 €1,570 €1,186 €1,499 €1,808 €1,572 €1,988 €2,104 €2,565 €3,243 €2,292 €2,985 €3,775 €2,475

Dublin 8 €853 €1,078 €1,656 €1,206 €1,524 €1,906 €1,598 €2,021 €2,218 €2,608 €3,297 €2,416 €3,035 €3,838 €2,610

Dublin 9 €791 €1,001 €1,473 €1,119 €1,415 €1,696 €1,483 €1,875 €1,974 €2,420 €3,060 €2,150 €2,817 €3,562 €2,322

Dublin 10 €537 €679 €1,435 €759 €960 €1,652 €1,006 €1,272 €1,923 €1,642 €2,076 €2,095 €1,911 €2,416 €2,262

Dublin 11 €607 €768 €1,363 €858 €1,085 €1,569 €1,138 €1,439 €1,826 €1,857 €2,348 €1,989 €2,161 €2,733 €2,148

Dublin 12 €698 €883 €1,444 €987 €1,248 €1,662 €1,308 €1,654 €1,935 €2,135 €2,699 €2,107 €2,485 €3,142 €2,276

Dublin 13 €785 €993 €1,445 €1,110 €1,404 €1,664 €1,472 €1,861 €1,937 €2,401 €3,036 €2,110 €2,795 €3,534 €2,279

Dublin 14 €1,010 €1,277 €1,572 €1,428 €1,805 €1,809 €1,893 €2,393 €2,106 €3,088 €3,905 €2,294 €3,595 €4,545 €2,478

Dublin 15 €618 €782 €1,328 €874 €1,105 €1,529 €1,159 €1,465 €1,780 €1,890 €2,390 €1,939 €2,200 €2,782 €2,094

Dublin 16 €853 €1,078 €1,432 €1,206 €1,524 €1,648 €1,598 €2,021 €1,919 €2,608 €3,297 €2,090 €3,035 €3,838 €2,257

Dublin 17 €508 €642 €1,418 €718 €908 €1,632 €952 €1,204 €1,900 €1,553 €1,964 €2,070 €1,808 €2,286 €2,235

Dublin 18 €949 €1,200 €1,597 €1,341 €1,696 €1,838 €1,778 €2,249 €2,140 €2,902 €3,669 €2,331 €3,377 €4,270 €2,517

Dublin 20 €709 €897 €1,449 €1,003 €1,268 €1,668 €1,330 €1,681 €1,942 €2,169 €2,743 €2,115 €2,525 €3,193 €2,284

Dublin 22 €513 €648 €1,332 €725 €917 €1,534 €961 €1,215 €1,785 €1,568 €1,983 €1,944 €1,825 €2,308 €2,100

Dublin 24 €550 €695 €1,320 €777 €982 €1,519 €1,030 €1,303 €1,769 €1,681 €2,125 €1,926 €1,956 €2,474 €2,080

North Co Dublin €618 €782 €1,247 €874 €1,105 €1,436 €1,159 €1,465 €1,671 €1,891 €2,391 €1,820 €2,201 €2,783 €1,966

South Co Dublin €1,120 €1,416 €1,649 €1,583 €2,002 €1,899 €2,099 €2,654 €2,210 €3,424 €4,330 €2,407 €3,986 €5,040 €2,600

West Dublin €584 €739 €1,291 €826 €1,044 €1,486 €1,095 €1,384 €1,730 €1,786 €2,259 €1,884 €2,079 €2,629 €2,035

Cork City €463 €586 €1,005 €632 €800 €1,147 €908 €1,148 €1,335 €1,540 €1,947 €1,454 €1,884 €2,382 €1,570

Galway City €453 €573 €930 €618 €782 €1,061 €888 €1,122 €1,235 €1,506 €1,904 €1,346 €1,842 €2,329 €1,453

Limerick City €341 €431 €878 €465 €588 €1,003 €668 €844 €1,167 €1,133 €1,432 €1,271 €1,386 €1,752 €1,373

Waterford City €298 €376 €731 €406 €514 €835 €583 €737 €972 €989 €1,251 €1,058 €1,210 €1,530 €1,143

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: 3.5% 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, 2019 Q1.


ULS

TER


Mortgage (3.5%)

Mortgage+2%


Mortgage+2%


Mortgage+2%


Mortgage+2%


Mortgage+2%

Rent

Meath €398 €503 €922 €547 €692 €1,072 €718 €907 €1,247 €1,398 €1,767 €1,359 €1,532 €1,938 €1,467

Kildare €418 €528 €943 €574 €726 €1,096 €753 €952 €1,276 €1,467 €1,854 €1,390 €1,608 €2,033 €1,501

Wicklow €524 €663 €1,009 €721 €911 €1,173 €945 €1,195 €1,365 €1,841 €2,328 €1,487 €2,019 €2,553 €1,606

Louth €351 €444 €861 €482 €610 €1,001 €632 €800 €1,165 €1,232 €1,558 €1,269 €1,351 €1,708 €1,371

Longford €198 €251 €503 €272 €344 €585 €357 €452 €680 €696 €880 €741 €763 €965 €800

Offaly €278 €351 €627 €382 €483 €729 €501 €633 €849 €975 €1,233 €924 €1,069 €1,352 €998

Westmeath €304 €384 €682 €417 €528 €793 €547 €692 €923 €1,066 €1,348 €1,005 €1,169 €1,479 €1,086

Laois €276 €349 €665 €379 €480 €773 €498 €629 €900 €970 €1,226 €980 €1,063 €1,344 €1,058

Carlow €286 €362 €643 €394 €498 €748 €516 €653 €871 €1,005 €1,271 €948 €1,103 €1,394 €1,024

Kilkenny €322 €408 €659 €443 €560 €767 €581 €735 €892 €1,132 €1,432 €972 €1,242 €1,570 €1,050

Wexford €290 €367 €596 €399 €504 €693 €523 €662 €806 €1,019 €1,289 €878 €1,118 €1,413 €949

Waterford Co €333 €421 €633 €421 €532 €728 €560 €708 €847 €1,124 €1,421 €922 €1,187 €1,500 €996

Kerry €287 €363 €578 €363 €459 €664 €483 €611 €773 €969 €1,225 €842 €1,023 €1,293 €910

Cork Co €340 €430 €695 €430 €544 €798 €572 €723 €929 €1,148 €1,451 €1,012 €1,212 €1,532 €1,093

Clare €287 €363 €568 €363 €459 €652 €483 €611 €759 €969 €1,225 €827 €1,023 €1,293 €893

Limerick Co €276 €349 €581 €350 €442 €668 €465 €588 €778 €933 €1,180 €847 €985 €1,246 €915

Tipperary €272 €344 €570 €345 €436 €655 €458 €580 €762 €920 €1,163 €830 €971 €1,228 €896

Galway Co €251 €317 €626 €343 €433 €727 €453 €572 €846 €890 €1,125 €921 €973 €1,230 €995

Mayo €217 €275 €510 €297 €376 €592 €392 €496 €689 €772 €976 €750 €843 €1,066 €810

Roscommon €189 €238 €482 €258 €326 €560 €340 €430 €651 €669 €846 €709 €732 €925 €766

Sligo €213 €269 €541 €290 €367 €628 €384 €485 €732 €754 €954 €797 €825 €1,043 €860

Leitrim €189 €239 €430 €259 €327 €499 €342 €432 €581 €672 €849 €633 €734 €929 €683

Donegal €193 €244 €454 €264 €334 €527 €349 €441 €614 €686 €868 €668 €750 €948 €722

Cavan €211 €266 €512 €288 €364 €595 €380 €481 €693 €748 €946 €754 €818 €1,034 €815

Monaghan €238 €301 €566 €325 €411 €657 €430 €543 €765 €845 €1,068 €833 €923 €1,167 €899

LEIN

STER

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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: 3.5% 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, 2019 Q1.

DublinInflation at six-year low

North CityAverage price: €337,594Qtr-on-qtr change: -1.2%Year-on-year change: 2.5%Change from trough: 71.3%

City CentreAverage price: €330,683Qtr-on-qtr change: -1.8%Year-on-year change: 4.7%Change from trough: 97.2%

South CityAverage price: €407,404Qtr-on-qtr change: -1.2%Year-on-year change: 3.2%Change from trough: 67.5%

North CountyAverage price: €311,916

Qtr-on-qtr change: -1.1%Year-on-year change: 1.5%

Change from trough: 53.0%

West CountyAverage price: €300,842

Qtr-on-qtr change: -1.8%Year-on-year change: -1.1%Change from trough: 61.9%

South CountyAverage price: €591,096



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

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€1,700

€1,600

€1,500

€1,400

€1,300

€1,200

€1,100

€1,000

€900

€800

Average rental price by area, 2006-2019.

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€1,900

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€2,000

€2,100

Dublin Trends Q1 2019€2,200

Q12019


Majority of areas see rents doubleSince 2012, rents have risen by 100% or more in 15 of

Dublin’s 25 markets - the smallest increase remains

in South County Dublin (87%).

Availability decreasesThere were just over 1,200 properties available

to rent in Dublin on May 1, down 8% year-on-year

and ending nine months of small improvements in

availability.

6% increase in room costsThe cost of a single or double room in Dublin was

roughly 5% higher in the first quarter of 2019 than a

year earlier.

Rents rise 7% year-on-yearRents in Dublin were 6.8% higher in the first quarter

of 2019 than a year earlier - the lowest rate of

increase since the start of 2013.

Double BedRENTAL AREAS

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

AVG. RENT YR/YR CHANGE AVG. RENT YR/YR CHANGE

Single Bed

Rent-a-Room Trends Q1 2019

€ 700€ 571€ 587€ 498€ 594€ 495

8.4%7.9%4.1%4.4%6.3%2.7%

€ 785€ 690€ 743€ 621€ 716€ 640

2.1%5.3%3.6%5.8%4.5%6.5%

North CityAverage rent: €1,881Qtr-on-qtr: 1.2%Year-on-year: 6.8%Change from trough: 102.0%

City CentreAverage rent: €2,046Qtr-on-qtr: 0.9%Year-on-year: 6.4%Change from trough: 108.5%

South CityAverage rent: €2,131Qtr-on-qtr: 1.0%Year-on-year: 7.0%Change from trough: 96.5%

North CountyAverage rent: €1,671

Qtr-on-qtr: 1.5%Year-on-year: 6.9%


West CountyAverage rent: €1,778



South CountyAverage rent: €2,190



LeinsterIncreases in all counties in Q1

LouthAverage Price: €215,274Qtr-on-qtr change: -2.0%Year-on-year change: 4.6%Change from trough: 68.8%

MeathAverage Price: €262,268Qtr-on-qtr change: -1.5%Year-on-year change: 6.6%Change from trough: 74.7%

KildareAverage Price: €261,906Qtr-on-qtr change: -1.2%Year-on-year change: 4.7%Change from trough: 67.0%

WicklowAverage Price: €333,804Qtr-on-qtr change: -1.8%Year-on-year change: 6.4%Change from trough: 64.2%

WexfordAverage Price: €206,779Qtr-on-qtr change: -1.6%Year-on-year change: 7.3%Change from trough: 65.5%

LongfordAverage Price: €136,995



WestmeathAverage Price: €200,455Qtr-on-qtr change: 0.1%

Year-on-year change: 9.4%Change from trough: 69.8%

OffalyAverage Price: €186,725

Qtr-on-qtr change: -1.1%Year-on-year change: 10.0%Change from trough: 54.6%

LaoisAverage Price: €176,753


KilkennyAverage Price: €220,978



CarlowAverage Price: €189,745Qtr-on-qtr change: 0.2%

Year-on-year change: 9.0%From trough: 62.1%

Dublin Commuter Counties West Leinster South-East Leinster

€1,100

€1,000

€900

€800

€700

€600

€500

€400

Average rental prices by area, 2006-2019.

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Leinster Trends Q1 2019 €1,300

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Differences across the provinceWhile rents in Meath have doubled since bottoming

out earlier in the decade, rents in Carlow and

Wexford have increased by 55%.

Just 500 homes availableThere were 499 properties available to rent in

Leinster (outside Dublin) on May 1, down 24% year-

on-year and the lowest ever total recorded for the

region since 2006.

Fall in room costsThe average cost of a rented room fell slightly in the

Commuter Counties in early 2019 but rose in the

Midland counties.

7% increase during 2018Rents in Leinster, outside Dublin, were 7.3% higher in the

first quarter of 2019 than a year previously, the lowest rate

of inflation in five years.


Dublin Commuter CountiesWest LeinsterSouth East Leinster

AVG. RENT

€ 412€ 364€ 345

YR/YR CHANGE AVG. RENT YR/YR CHANGE

Single Bed


-2.3%17.9%-0.8%

€ 488€ 438€ 399

-0.2%23.6%1.9%

LouthAverage rent: €1,206Qtr-on-qtr: 0.7%Year-on-year: 7.6%Change from trough: 97.5%

MeathAverage rent: €1,299Qtr-on-qtr: 0.6%Year-on-year: 7.4%Change from trough: 101.0%

KildareAverage rent: €1,314Qtr-on-qtr: 0.4%Year-on-year: 5.4%Change from trough: 87.1%

WicklowAverage rent: €1,383Qtr-on-qtr: 0.6%Year-on-year: 7.1%Change from trough: 79.1%

WexfordAverage rent: €837Qtr-on-qtr: 0.9%Year-on-year: 7.4%Change from trough: 54.5%

LongfordAverage rent: €693



WestmeathAverage rent: €955



OffalyAverage rent: €884



LaoisAverage rent: €934



KilkennyAverage rent: €939



CarlowAverage rent: €917Qtr-on-qtr: 1.2%

Year-on-year: 8.3%Change from trough: 54.7%

MunsterInflation reaches new high

TipperaryAverage Price: €177,199Qtr-on-qtr change: -0.7%Year-on-year change: 11.1%Change from trough: 39.3%

Limerick CityAverage Price: €194,214Qtr-on-qtr change: 1.5%Year-on-year change: 9.8%Change from trough: 63.5%

Waterford CountyAverage Price: €217,977Qtr-on-qtr change: -1.4%Year-on-year change: 7.4%Change from trough: 51.6%

Waterford CityAverage Price: €174,879Qtr-on-qtr change: 0.9%Year-on-year change: 8.6%Change from trough: 66.9%

ClareAverage Price: €183,339


Limerick CountyAverage Price: €189,218


KerryAverage Price: €192,657



Cork CountyAverage Price: €220,173



Cork CityAverage Price: €275,703Qtr-on-qtr change: 0.8%


Cork City Limerick City Waterford City Rest-of-Munster

€1,100

€1,000

€900

€800

€700

€600

€500

€400


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Munster Trends Q1 2019€1,300

Q12019


Strong city growthIn Munster’s three cities, rents also continue to rise strongly,

with inflation varying from 10% in Cork to 14% in Limerick and

Waterford.

New low for stockThere were just 570 homes available to rent across

Munster on May 1, down 20% year-on-year and a new

low for availability in a series that starts in 2006.

Room costs rise againThe cost of renting a room in Munster was on average

almost 10% higher in early 2019 than a year earlier.

Rents up 12%Rents in Munster, outside the three cities, were 12%

higher in early 2019 than a year previously, the highest

rate of inflation on record.


Cork City Centre Cork City Suburbs Cork Commuter Towns Limerick City Centre Limerick City Suburbs Waterford City Centre

AVG. RENT

€ 491€ 423€ 412€ 371€ 358€ 364


Single Bed


9.1%11.6%13.2%6.9%10.8%13.0%

€ 581€ 519€ 473€ 459€ 406€ 362

10.5%10.7%7.3%10.6%6.6%3.1%

TipperaryAverage rent: €832Qtr-on-qtr: 3.9%Year-on-year: 10.8%Change from trough: 47.6%

Limerick CityAverage rent: €1,195Qtr-on-qtr: 2.0%Year-on-year: 14.4%Change from trough: 96.5%

Waterford CountyAverage rent: €928Qtr-on-qtr: 4.3%Year-on-year: 16.0%Change from trough: 63.1%

Waterford CityAverage rent: €986Qtr-on-qtr: 1.8%Year-on-year: 13.6%Change from trough: 75.7%

Cork CityAverage rent: €1,331



ClareAverage rent: €832



Limerick CountyAverage rent: €864



KerryAverage rent: €848



Cork CountyAverage rent: €1,006



Connacht/UlsterInflation remains high

LeitrimAverage Price: €134,637Qtr-on-qtr change: 1.7%Year-on-year change: 12.0%Change from trough: 56.7%

MonaghanAverage Price: €169,305Qtr-on-qtr change: -1.9%Year-on-year change: 3.1%Change from trough: 48.3%

CavanAverage Price: €156,620Qtr-on-qtr change: -1.1%Year-on-year change: 9.1%Change from trough: 52.5%

RoscommonAverage Price: €138,908Qtr-on-qtr change: 0.3%Year-on-year change: 7.5%Change from trough: 51.6%

DonegalAverage Price: €143,515



SligoAverage Price: €138,164



MayoAverage Price: €154,284Qtr-on-qtr change: 0.8%


Galway CityAverage Price: €290,528Qtr-on-qtr change: 0.8%


Galway CountyAverage Price: €197,791Qtr-on-qtr change: -0.9%



Galway City Connacht Ulster

€900

€850

€800

€750

€700

€650

€600

€550

€500

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€1000

€1050

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€1100

Connacht/Ulster Trends Q1 2019€1150

€1200

€450

Q12019


City rents up 90%In Galway city, rents are now 91% higher than when

they bottomed out in early 2012.

Availability improves in early 2019There were just 420 homes available to rent in Connacht

and Ulster on May 1, down 12% year-on-year and an all-

time low for the region.

Rise in room costsThe cost of renting a room in Connacht and Ulster

continues to rise, with increases of 5-10% in much of

the region, year-on-year.

Gains in all counties Rents rose in all counties in Connacht-Ulster during the

first three months of 2019 - up 1.7% on 2018Q4 and up

12% year-on-year.


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

AVG. RENT

€ 453€ 396€ 380€ 293


Single Bed


16.8%6.7%28.9%9.1%

€ 502€ 465€ 429€ 358

7.3%5.0%33.3%15.3%

DonegalAverage rent: €645



SligoAverage rent: €760



MayoAverage rent: €731



Galway CityAverage rent: €1,260



Galway CountyAverage rent: €906



LeitrimAverage rent: €590Qtr-on-qtr: 1.0%Year-on-year: 8.1%Change from trough: 43.1%

MonaghanAverage rent: €799Qtr-on-qtr: 1.4%Year-on-year: 11.2%Change from trough: 54.7%

CavanAverage rent: €740Qtr-on-qtr: 1.1%Year-on-year: 10.5%Change from trough: 57.0%

RoscommonAverage rent: €699Qtr-on-qtr: 1.7%Year-on-year: 11.7%Change from trough: 41.9%

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 January. 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 over

10,000. Indices are based on standard methods,

holding the mix of characteristics constant, with the

annual average of 2012 used as the base.

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:

Raychel O’Connell

Layout and Design: William Tector


Coming next:

The Daft.ie House Price Report2019 Q2The Daft.ie House Price Report will be published in early July and will include a review of the performance of Ireland’s sales market, 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.

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