Introduction by Ronan Lyons, Assistant Professor of Economics, Trinity College Dublin

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

2014 - Year in Review

Introductionby Ronan Lyons, Assistant Professor of Economics, Trinity College Dublin

The ripple in the rental market

2 | The Daft.ie Rental Report, 2014 in review

The figures from this issue of the Daft.ie Rent Report show that, in the final three months of 2014, rental inflation nationwide eased for the first time in over five years. Whereas rents between July and September were 10.8% higher than a year previously, in the final quarter, rental inflation had fallen to 9.7%.

As with so much in the housing market – both rental and sales – since 2011, this national trend hides regional differences. In particular, the recent fall in rental inflation is driven by the cities. In Dublin in particular, rental inflation has eased considerably in the last year, from 16.5% in April to below 10% by January.

Typically, inflation in rents eases either when demand falls or supply improves. Dublin’s population is currently growing by roughly 10,000 households a year but the housing stock is increasingly by barely 1,500 homes each year. Therefore, it’s clear that at an aggregate level, there is no lack of demand. Nor is there any evidence that incomes have gone from rising to falling in the last few months. Indeed, if anything, the real economy appears to be improving.

The natural place to look, then, is supply. However, as mentioned above, construction of new homes has effectively ground to a halt. Relief from supply pressures could still come from an increase in listings, though. Somewhat surprisingly given easing rental inflation, supply tightened further in 2014.

Over the course of 2014, just 34,000 properties were listed for rent in Dublin. This is 13% less than in 2013 and over 40% less than in 2011. So a city that has grown by perhaps 40,000 new families – most of them renters – since 2011 has 40% fewer rental listings each year. The 31% increase in rents since the end of 2010 makes sense when these figures are borne in mind.

Why, though, has Dublin rental inflation eased? An answer presents itself when trends around Dublin are taken into account. The graph below shows an index of the total stock available to rent in both Dublin and its four Commuter Counties since 2011. While there are seasonal effects, the overall trends are very similar up to the start of 2014, with a significant overall reduction in availability in both regions between 2011 and early 2014.

In the last 12 months, however, availability has stabilised in Dublin – albeit at very low levels – while it has tightened even further in the Commuter Counties. Whereas there would typically be two properties on the rental market in Dublin for each one in Commuter Counties, this ratio has risen to 4:1 in recent months.

Continued on next page >

Ronan Lyons is Assistant Professor of Economics at Trinity College, Dublin, where he lectures on the urban economics and economic history. He is also author of the Daft.ie Report.

Introduction (cont’d)by Ronan Lyons, Assistant Professor of Economics, Trinity College Dublin

The ripple in the rental market

3 | The Daft.ie Rental Report, 2014 in review

A flight from the city is underway. And this is driven by the hard maths of affordability, rather than any preference for green space. A three-bedroom semi-detached property in West Dublin commands an annual rent of nearly €15,000, more than 50% greater than the annual rent for the same property in Meath. With a gross household income of, say, €50,000, it is clear that, even in Dublin’s most affordable locations, those on average incomes are simply not able to afford rents.

Unfortunately, redistributing renters from the city to its commuter towns does not solve the problem, it merely postpones it. It does not change the fundamental maths of how many dwellings we have for the number of households in the country. And it moves the inflation problem to new places – what could be termed a rental ripple spreading out from central Dublin. That is why we are seeing inflation in rents ramping up in the Commuter Counties, from 7.6% in early 2014 to 14.1% by the end of the year, just as rent increases are cooling down in Dublin.

Policymakers may be tempted to think that whatever they have done in recent months in relation to the rental market is working. However, they must resist any complacency. The underlying scarcity of homes continues to worsen, rather than improve, and with it the threat to Dublin’s international competitiveness and the more serious issue of homelessness.

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

2011 M M J S N 2012 M M J S N 2013 M M J S N 2014 M M J S N 2015

Dublin

Stock available to rent in both Dublin and its four Commuter Counties since 2011

Commuter Cos

4 | The Daft.ie Rental Report, 2014 in review

Year-on-year change since Q4 2014

Galway county

€594 | Change: 9.1%

Sligo

€592 | Change: 2.4%

Kerry €607 | Change: 4.4%

Cork County €658 | Change: 7.1%

Waterford County

€581 | Change: 5.1%

Meath

€816 | Change: 13.8%

Cork City €891 | Change: 7.3%

Laois €603 | Change: 10.6%

€605 | Change: 7.5%

Limerick County

€604 | Change: 4.0%

Kilkenny

€690 | Change: 9.9%

Waterford City

€624 | Change: 5.1%

Galway City

€871 | Change: 7.0%

Mayo

€544 | Change: 2.2%

Donegal €504 | Change: 1.2%

Roscommon

€540 | Change: 2.3%

Limerick City

€702 | Change: 6.2%

Clare €566 | Change: 4.4%

Wicklow €1,029 | Change: 14.2%

Louth €710 | Change: 10.9%

Dublin City Centre

€1,409 | Change: 13.6%

West Dublin County

€1,169 | Change: 12.5%

North Dublin County

€1,142 | Change:10.6%DublinClose-up North Dublin City

€1,283 | Change: 12.5%

South Dublin City

€1,441 | Change: 10.8%

Wexford

€629 | Change: 5.1%

Carlow

€611 | Change: 2.8%

Kildare

€959 | Change: 15.5%

Westmeath €630 | Change: 8.1%

Leitrim

€418 | Change: 3.3%

Monaghan €547 | Change: 0.4%

Cavan €491 | Change: 3.1%

Longford €470 | Change: 7.6%

Tipperary

€595 | Change: 3.6%

South Dublin County €1,521 | Change: 8.9%

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

Year-on-year increases eases for first time since 2009 The 9.7% increase between the final quarter of 2013 and the same period in 2014 was smaller than the 10.8% increase seen in the previous quarter, the first time since 2009 that year-on-year inflation in rents has eased.

Dublin rents just 6% off peak levels Having risen by more than 30% since 2011, rents in Dublin are now just 6% off their 2007 peak levels.

Rental stock at lowest level since 2007 With just over 5,200 properties available to rent on February 1st, there are now fewer properties on the market than at any point since August 2007.

-1

Daft.ie National Rental Index

9.7%Rents nationally were 9.7% higher on average in the final quarter of 2014 than a year previously. The average rent nationwide between between October and December was €949, compared to €865 a year previously.

5 | The Daft.ie Rental Report, 2014 in review

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

JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

2002133.5132.8128.5131.2128.5125.8124.6125.4124.4121.5118.3115.9

2007129.1130.6132.4132.8134.5135.1135.5133.8134.3134.0128.0128.1

2008128.9126.3124.9124.3126.2125.0124.8127.2126.4123.6120.4117.3

116.3119.4119.5120.4116.3114.8115.1116.3115.8113.2110.7110.2

2003110.3111.1110.6111.3109.5109.3111.1113.4114.1113.7111.7111.5

2004112.7114.2115.3115.4113.6112.8114.3116.2116.0117.3117.2118.9

2005119.1119.5120.0121.2121.9122.4123.5126.6128.4129.1127.3127.1

2006 2010101.8101.3101.2100.5100.6

99.999.8

100.9100.5100.1

98.798.4

2009117.1114.6112.2110.2108.7107.1105.7105.8104.7103.2101.3100.3

201199.499.899.599.499.198.899.3

100.399.699.198.598.9

201299.299.499.399.199.099.099.9

100.8101.0100.9101.3100.9

2013101.5101.7102.6102.6103.6103.6103.7105.9106.6107.4108.5108.8

2014109.6111.0112.6113.8114.3115.2115.5116.6118.0118.9118.6118.7

2015119.4

Nu

mb

er o

f Pro

per

ties

0

5000

10000

15000

20000

25000

2006 II III IV 2007 II III IV 2008 II III IV 2009 II III IV 2010 II III IV 2011 II III IV 2012 II III IV 2013 II III IV 2014 II III IV 2015

StockInflow Out Flow

Stock of Properties to Rent (start-of-month) & Flow of New Properties to Rent (during entire month), 2007-2015

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 measuresof quality, such as location, or bedroom number.

6 | The Daft.ie Rental Report, 2014 in review

Daft.ie Snapshot of RentNationwide

What can I ask for? Can I afford it?Average rents across Ireland, by postcode/region and bedroom number, Quarter 4, 2014

Daft.ie Snapshot of Rents Nationwide 1bed 2bed 3bed 4bed 5bed

Dublin 1Dublin 2Dublin 3Dublin 4Dublin 5Dublin 6Dublin 6WDublin 7Dublin 8Dublin 9Dublin 10Dublin 11Dublin 12Dublin 13Dublin 14Dublin 15Dublin 16Dublin 17Dublin 18Dublin 20Dublin 22Dublin 24North Co DublinSouth Co DublinWest DublinCork CityGalway CityLimerick CityWaterford CityDublin Commuter CountiesWest LeinsterSouth-East LeinsterMunsterConnaught Ulster

€1,089€1,236€984

€1,252€978

€1,026€963€904€995€909€862€947€858€994

€1,027€1,091€900€950

€1,147€1,165€1,081€911€914

€1,097€902€675€615€481€453€640€442€460€442€415€372

€1,432€1,738€1,300€1,691€1,304€1,462€1,474€1,247€1,309€1,251€1,061€1,132€1,213€1,250€1,459€1,210€1,394€1,200€1,429€1,225€1,107€1,141€1,154€1,476€1,057€900€833€671€541€824€540€565€554€477€436

€1,960€2,355€1,676€2,458€1,432€2,200€1,737€1,461€1,546€1,489€1,174€1,292€1,386€1,413€1,801€1,257€1,707

*€1,663€1,359€1,090€1,253€1,308€1,931€1,225€992€927€778€653€912€647€659€664€612€567

**

€1,859€3,257€1,800€3,045€2,033€1,766€1,575€1,784

**

€1,615€1,659€2,270€1,372€1,864

*€2,391

*€1,342€1,439€1,790€2,782€1,237€1,251€1,048€894€749

€1,109€705€726€730€658€618

*****

€2,998€3,012€2,500

**********

€2,750***

€2,500€3,009

*€1,422€1,176€1,001€1,000€1,614€842€838€842€677€638

7 | The Daft.ie Rental Report, 2014 in review

Rental trends in DublinFrom Quarter 1, 2006 to Quarter 1, 2015

Rent-a-room income trends

AreaAverage

rent% Yr/yr change

Dublin City Centre

North Dublin City

South Dublin City

North Co. Dublin

South Co. Dublin

West Co. Dublin

€ 602

€ 499

€ 577

€ 454

€ 555

€ 454

10.1%

9.4%

11.0%

14.6%

12.6%

12.1%

Averagerent

% Yr/yr change

€ 489

€ 414

€ 448

€ 348

€ 457

€ 353

11.9%

13.4%

12.8%

12.3%

9.1%

20.5%

Single Room Double Room

Average rents by region, 2006 - 2015

2006Q1

2006Q3

2007Q1

2007Q3

2008Q1

2008Q3

2009Q1

2009Q3

2010Q1

2010Q3

2011Q1

2011Q3

2013Q1

2013Q3

2014Q1

2014Q3

2015Q1

2012Q1

2012Q3

€800

€900

€1,000

€1,100

€1,200

€1,300

€1,400

€1,500

€1,600

€1,700

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

West County DublinAverage rent: €1,169Quarter-on-quarter change: 2.6%Year-on-year change: 12.5%Change from trough: 29.2%

North County DublinAverage rent: €1,142Quarter-on-quarter change: 2.8%Year-on-year change: 10.6%Change from trough: 26.5%

Dublin City CentreAverage rent: €1,409Quarter-on-quarter change: 2.7%Year-on-year change: 13.6%Change from trough: 34.5%

North Dublin CityAverage rent: €1,283Quarter-on-quarter change: 2.5%Year-on-year change: 12.5%Change from trough: 31.3%

South County DublinAverage rent: €1,521Quarter-on-quarter change: 1.9%Year-on-year change: 8.9%Change from trough: 30.1%

South Dublin CityAverage rent: €1,441Quarter-on-quarter change: 2.1%Year-on-year change: 10.8%Change from trough: 32.1%

There were almost 1,800 properties available to rent in Dublin on Feb 1st, compared to 1,400 a year previously - the largest increase in stock since 2009.

Rent-a-room prices across the capital are up over 10% in most segments of the market, for both single and double rooms.

Rents in Dublin city centre are just 4.7% below their 2007 peak, having risen nearly 35% since mid-2011.

For the second quarter in a row, rental inflation eased in Dublin, from nearly 16% in mid-2014 to close to 11% by year-end.

8 | The Daft.ie Rental Report, 2014 in review

Rental trends in other citiesFrom Quarter 1, 2006 to Quarter 1, 2015

Average rents by region, 2006 - 2015

€500

€600

€700

€800

€900

€1,000

€1,100

€1,200

Cork City Galway City Limerick City Waterford City

2006Q1

2006Q3

2007Q1

2007Q3

2008Q1

2008Q3

2009Q1

2009Q3

2010Q1

2010Q3

2011Q1

2011Q3

2013Q1

2013Q3

2014Q1

2014Q3

2015Q1

2012Q1

2012Q3

Rent-a-room income trends

AreaAverage

rent% Yr/yr change

Averagerent

% Yr/yr change

Cork City Centre

Cork City Suburbs

Cork Commuter Towns

Galway City Centre

Galway City Suburbs

Limerick City Centre

Limerick City Suburbs

Waterford City Centre

€ 322

€ 288

€ 268

€ 316

€ 298

€ 237

€ 243

€ 260

4.9%

5.1%

0.0%

7.8%

14.2%

-1.3%

3.0%

-0.8%

€ 377

€ 357

€ 354

€ 386

€ 336

€ 283

€ 277

€ 280

5.9%

6.3%

12.7%

11.6%

6.7%

1.4%

6.5%

3.3%

Single Room Double Room

Cork City

Galway City

Limerick CityWaterford CityAverage rent: €702

Quarter-on-quarter change: -0.3% Year-on-year change: 6.2% Change from trough: 10.1%

Average rent: €624 Quarter-on-quarter change: -0.6%Year-on-year change: 5.1% Change from trough: 5.5%

Average rent: €871 Quarter-on-quarter change: -0.5%Year-on-year change: 7.0%Change from trough: 14.4%

Average rent: €891 Quarter-on-quarter change: -0.6%Year-on-year change: 7.3%Change from trough: 13.9%

Rents in all four cities outside Dublin fell slightly in the final quarter of 2014 but remain more than 5% higher in year-on-year terms.

Compared to their lowest points in 2010 and 2011, rents in Cork and Galway have risen by about 14%.

Stock available in the four cities continues to fall, with fewer than 550 properties on the market on February 1st, the lowest level since 2007.

Across the four cities, rent-a-room prices are typically between 5% and 10% higher - although some single market segments are static.

Rental trends outside the citiesFrom Quarter 1, 2006 to Quarter 1, 2015

9 | The Daft.ie Rental Report, 2014 in review

Average rents by region, 2006 - 2015

€400

€500

€600

€700

€800

€900

€1,000

€1,100

2006Q1

2006Q3

2007Q1

2007Q3

2008Q1

2008Q3

2009Q1

2009Q3

2010Q1

2010Q3

2011Q1

2011Q3

2013Q1

2013Q3

2014Q1

2014Q3

2015Q1

2012Q1

2012Q3

Dublin Commuter Counties MunsterWest Leinster ConnaughtSouth East Leinster Ulster

Rent-a-room income trends

AreaAverage

rent% Yr/Yr change

Averagerent

% Yr/Yr change

Dublin Comm. Counties

West Leinster

South-East Leinster

Munster

Connaught

Ulster

€ 309

€ 234

€ 261

€ 223

€ 252

€ 200

7.1%

11.0%

6.4%

5.2%

16.7%

-8.1%

€ 375

€ 272

€ 296

€ 260

€ 269

€ 234

7.8%

6.7%

6.2%

2.5%

3.2%

0.3%

Single Room Double Room

South-East LeinsterAverage rent: €644 Quarter-on-quarter change: 2.1%Year-on-year change: 6.1% Change from trough: 8.3%Munster

Average rent: €615 Quarter-on-quarter change: 0.9%Year-on-year change: 5.2% Change from trough: 6.3%

Connacht Average rent: €557 Quarter-on-quarter change: -0.6%Year-on-year change: 4.4%Change from trough: 4.5%

UlsterAverage rent: €509 Quarter-on-quarter change: -1.0%Year-on-year change: 1.5% Change from trough: 2.1%

West LeinsterAverage rent: €593 Quarter-on-quarter change: 2.7% Year-on-year change: 8.5% Change from trough: 11.8%

Dublin CommuterCountiesAverage rent: €891 Quarter-on-quarter change: 3.6%Year-on-year change: 14.1% Change from trough: 22.0%

Rents are rising in year-on-year terms in all parts of the country, although the rates varies widely, from 1.5% in Ulster to 14% in the Commuter Counties.

At 14%, the annual rate of inflation in the Commuter Counties exceeded that in Dublin for the first time in five years.

Outside the cities, there were fewer than 3,000 properties for rent on Feb 1st, a 40% reduction in 12 months and the lowest level since 2007.

In most segments of the market, with the exception of Ulster counties, rent-a-room prices are up in year-on-year terms.

First Time Buyer and Investor Information

Can we afford it?The mortgage cost, including mortgage interest relief and income from the rent-a-room scheme, by region and bedroom number.

10 | The Daft.ie Rental Report, 2014 in review

*1.4%-2.0%1.0%-0.5%1.3%0.4%0.6%0.5%-0.3%0.2%0.4%-1.4%0.3%-0.7%0.3%

Investor Information: Snapshot of gross yields across the country (and year on year change, in percentage points)

Location \ Bedroom # AverageYr/yr

change 1-bed 2-bed 3-bed 4-bed 5-bed

Dublin City Centre

North Dublin City

South Dublin City

North Dublin County

South Dublin County

West Dublin County

Dublin Commuter Counties

West Leinster

South-East Leinster

Munster

Cork City

Limerick City

Waterford City

Connaught/Ulster

Galway Cityy

Average

7.7%

6.3%

6.4%

6.0%

5.7%

6.8%

6.0%

6.1%

5.5%

5.6%

6.3%

7.3%

7.1%

5.9%

6.6%

5.9%

-0.4%

-0.4%

-0.3%

-0.4%

0.5%

-0.6%

0.0%

0.2%

-0.2%

0.1%

-0.2%

0.8%

-0.1%

-0.1%

0.1%

-0.1%

7.6%

7.2%

6.8%

7.0%

6.1%

9.4%

9.6%

8.4%

4.9%

6.6%

7.2%

7.6%

9.9%

5.5%

6.5%

7.0%

0.2%

-1.9%

-0.9%

-3.2%

-0.6%

0.0%

1.7%

0.0%

-3.8%

-0.1%

-0.8%

-1.8%

2.3%

-1.2%

-0.9%

-0.8%

7.6%

6.9%

6.5%

6.8%

5.8%

7.8%

7.5%

8.0%

7.9%

7.5%

8.1%

9.6%

9.7%

6.9%

7.6%

7.3%

-0.8%

-0.5%

-0.8%

-0.5%

0.1%

-0.4%

-0.6%

-0.1%

0.4%

0.4%

-0.1%

1.3%

0.6%

0.2%

-0.4%

-0.2%

8.4%

6.0%

6.4%

6.1%

6.3%

6.7%

5.9%

7.5%

6.6%

6.5%

6.3%

7.5%

6.8%

7.4%

6.2%

6.6%

-1.6%

-0.4%

-0.3%

-0.2%

1.1%

-0.6%

-0.6%

0.4%

0.0%

0.1%

-0.6%

0.3%

-1.7%

-0.3%

-0.6%

-0.2%

*

5.8%

5.4%

4.8%

4.8%

5.5%

5.1%

5.3%

4.6%

4.3%

5.4%

5.8%

4.9%

5.4%

5.9%

5.0%

*

0.6%

0.1%

0.0%

0.2%

-0.4%

0.4%

0.3%

-0.3%

-0.1%

0.3%

1.3%

-0.1%

-0.1%

0.1%

0.1%

*

6.7%

8.2%

5.0%

4.7%

4.6%

5.6%

3.8%

4.0%

4.0%

4.8%

6.1%

8.5%

4.5%

7.2%

4.5%

0.7%

2.5%

-0.1%

0.6%

-1.6%

1.0%

-0.1%

0.1%

0.4%

-0.1%

1.4%

5.6%

0.1%

2.8%

0.2%

Yr/yr change

Yr/yr change

Yr/yr change

Yr/yr change

Yr/yr change

First-time buyer information: Mortgage versus rent comparison

Dublin City CentreNorth Dublin CitySouth Dublin CityNorth Dublin CountySouth Dublin CountyWest Dublin CountyCork CityGalway CityLimerick CityWaterford CityDublin Commuter CountiesWest LeinsterSouth-East LeinsterMunsterConnaught/Ulster

€774

€634

€768

€651

€887

€488

€467

€486

€317

€229

€338

€263

€471

€338

€370

€968

€793

€961

€815

€1,109

€610

€584

€608

€396

€287

€423

€329

€589

€423

€462

€1,127

€922

€1,058

€796

€1,071

€804

€665

€624

€505

€451

€637

€411

€450

€430

€399

€1,009

€896

€1,147

€856

€1,229

€747

€562

€575

€354

€286

€555

€341

€360

€369

€356

€1,262

€1,121

€1,435

€1,071

€1,538

€934

€703

€719

€443

€358

€694

€426

€450

€462

€445

€1,360

€1,113

€1,278

€961

€1,293

€971

€764

€717

€580

€517

€733

€473

€519

€486

€447

€1,167

€1,218

€1,472

€1,099

€1,398

€1,008

€790

€809

€526

€491

€777

€433

€507

€516

€428

€1,460

€1,524

€1,842

€1,374

€1,749

€1,260

€988

€1,011

€658

€614

€972

€541

€634

€646

€535

€1,690

€1,383

€1,588

€1,194

€1,606

€1,207

€914

€858

€694

€619

€868

€560

€614

€595

€559

*

€1,562

€2,337

€1,858

€2,634

€1,432

€1,170

€949

€800

€764

€1,120

€685

€828

€864

€634

*

€1,953

€2,923

€2,324

€3,295

€1,791

€1,463

€1,187

€1,001

€955

€1,401

€857

€1,035

€1,080

€794

*

€1,697

€1,948

€1,465

€1,971

€1,481

€1,068

€1,002

€811

€723

€997

€643

€705

€654

€598

*

€1,787

€2,049

€2,240

€3,307

€2,374

€1,508

€991

€883

€631

€1,448

€1,056

€1,060

€1,100

€786

*

€2,235

€2,563

€2,802

€4,137

€2,970

€1,886

€1,239

€1,104

€789

€1,811

€1,321

€1,326

€1,376

€983

*

€2,085

€2,393

€1,800

€2,421

€1,819

€1,343

€1,260

€1,020

€910

€1,060

€684

€750

€691

€663

1-bed 2-bed 3-bed 4-bed 5-bedMortgage

(4.3%)Mortgage

+2%Current

rentMortgage

(4.3%))Mortgage

+2%Current

rentMortgage

(4.3%))Mortgage

+2%Current

rentMortgage

(4.3%))Mortgage

+2%Current

rentMortgage

(4.3%))Mortgage

+2%Current

rentLocation \ Bedroom #

Current mortgage repayments based off the following parameters: 4.3% variable mortgage, for a term of 30 years, with 85% LTV.

About the Report

Over the last 10 years, Daft.ie has collected a vast amount of data on the Irish property market.In 2014 alone, more than 140,000 properties were advertised for sale or rent on the site.

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.

The Daft.ie Rental Report was 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.

Together, the two reports 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 monthly basis, making the report an essential barometer for anyone with an interest in the Irish property market. Methodology and Sample SizeThe statistics are based on properties advertised on Daft.ie for a given period. Theregressions used are hedonic price regressions, accounting for all available andmeasurable attributes of properties, with a Cooks Distance filter for outliers.

The average monthly sample size for lettings properties is over 10,000. Indices arebased on standard methods, holding the mix of characteristics constant, with the annualaverage of 2012 used as the base. For more on the methodology, please seewww.daft.ie/research.

About Daft.ieDaft.ie is Ireland’s largest property website. The latest audited report from ABC (Sep 2011) shows monthly traffic of 130 million page impressions (pages of information received) and 1.976 million unique users per month across Daft Media’s property websites (daft.ie, rent.ie, let.ie, property.ie). This makes Daft.ie the biggest property website in Ireland across all demographics.

11 | The Daft.ie Rental Report, 2014 in review

DisclaimerThe Daft.ie Report is preparedfrom information that we believeis collated with care, but we do notmake any statement as to its accuracyor completeness. We reserve the rightto vary our methodology and to editor discontinue the indices, snapshotsor analysis at any time for regulatoryor other reasons. Persons seeking toplace reliance on any informationcontained in this report for their ownor third party commercial purposesdo so at their own risk.

CreditsEconomic Analysis:Ronan Lyons Marketing & Communications: Martin ClancyLayout and Design:Ciara Mulvany

All data is Copyright © Daft MediaLimited. The information contained inthis report may only be reproduced ifthe source is clearly credited.Please contact Daft.ie on 01-4218700for further information.

Coming Next…

The Daft.ie House Price Report 2015 Q1 In early April 2015 The Daft.ie House Price Report will be published in early April 2015 and willprovide a detailed regional analysis of asking prices and transaction prices as wellas all the usual indices, snapshots, trends and regional analysis, providing thepublic with Ireland’s most up-to-date information on the housing market.