Rents in meth are up about 10 percent

Rents in meth during the first quarter of 2022 are up 9.5 per cent over the same period last year according to the latest Ireland rental market report by property website

The average rent required for new rentals in Meth is now €1,551, up 128 per cent from its lowest point. The rate of increase is above the Dublin counties average increase of 8.8 per cent for passengers but below the national average increase of 11.7 per cent.

The report found that the average market rent was €1063 for a one-bedroom apartment in meth; 1,270 euros for a two-bedroom house; 1,469 euros for a three-bedroom house; 1,686 euros for a four-bedroom house and 2,056 euros for a five-bedroom house.

Today, only 16 properties for rent in meth have been announced on highlighting the county’s chronic shortage of rental properties. There were only two properties in the town of Navan and none were advertised for Trim or Kells.

The sharp increase in market rents across the country reflects a significant deterioration in the record scarcity of rental homes. Nationwide, there were only 851 homes available for rent on May 1, down from more than 3,600 a year earlier, and a new all-time low in a streak spanning more than fifteen years through 2006.

In Dublin commuter counties, there were only 76 homes available for rent on May 1.

The report also includes an estimate of the rental trend of resident tenants since 2010, compared to new tenants paying market rates. While market rent inflation currently exceeds 10 percent, and market rents have doubled over the past decade, “resident” rents have increased by only 1.5 percent over the past year and less than 40 percent over the past 10 years.

Commenting on the report, Ronan Lyons, Associate Professor of Economics at Trinity College Dublin and author of the Daft Report said: “Recent figures underscore the overall strength of rental housing demand in Ireland. While strong housing demand reflects underlying economic health, it becomes a challenge when the supply is not sufficient to meet it.

“In the case of Ireland, the economy has been short on new rental accommodations for more than a decade. As a result, market rents have doubled and, as shown in this latest report, house rents are becoming incredibly scarce. The new figures confirm that existing tenants have seen increases Much lower rents – during 2021 and over the past 10 years. Thus, the focus of policy makers must remain on creating the conditions for the tens of thousands of new rental homes – market and social, across the country – to be built over the coming years.”

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