RENT PRICES in Co Clare continue to soar with a 12.9 percent increase recorded in the past twelve months.
Average rental prices in Clare are now €1,145 per month, the latest rental report from property listings website, Daft.ie has outlined. The average national rent is €1,618 which is more than double the low of €765 per month that was recorded nearly 11 years ago.
Advertised rents for homes in Ireland were 12.6 percent higher between April and June than they were in the same three-month period last year. This is the highest year-on-year increase in market rents since the launch of the Daft report in 2005. All 54 markets covered in the report recorded a rent increase.
A quarter on quarter change of 3.2 percent has been observed in Co Clare while rent is up 113 percent from its lowest point in the county.
On average rent for a one bed apartment in Clare is €765 (+14%), a two bedroom house is €875 (+13%), the monthly rent for a three bedroom house is €1029 (+17.1%), €1159 is the monthly rent for a four bedroom house (+14.5%) and €1448 for a five bedroom house (+14.4%).
Currently, there are only 21 properties available to rent in Co Clare and 813 across the entire country.
Ronan Lyons, Associate Professor of Economics at Trinity College Dublin and author of the Daft Report said the increases in rents were “shocking” and described the availability figures as “simply unprecedented”.
He stated, “A resurgent economy over the last year has accentuated the chronic shortage of rental housing in Ireland”. Lyons added, “While the professional rental sector has added over 7,000 new rental homes in the last five years, this is small relative to the fall of 30,000 in rental listings each year in the traditional rental sector in the same period or the fall of 100,000 listings per year since 2012”.
“The shortage of rental accommodation translates directly into higher market rents and this can only be addressed by significantly increased supply,” the report’s author said.