Average Asking Rents Rise To Record High - Report

Average asking rents across Ireland have risen to a new record high, according to Daft.ie's latest quarterly rental report.

There has been an 11.3% annual rise in asking rents across the State, with the average rent sitting at €1,334.

Sinn Féin Housing spokesperson Eoin Ó Broin TD hit out at the figures, criticising the lack of impact of rent pressure zones.

Deputy Ó Broin said: "Rent Pressure Zones are clearly not working for new entrants to the rental market or people who have to move.

"According to the report, 'Asking rents in Dublin are now 10.9% higher than this time last year - while the average rental inflation rate for other cities is 15.8%'.


"In every single county in the State the 4% rent pressure zone cap is being breached on new lets.

"For example, in Galway City, a designated rent pressure zone, the average rent is now €1,226 per month. This is 16.1% higher than the same period last year, four times the 4% cap. 

"Eighteen other counties are seeing double digit rent inflation, including Limerick City up a massive 20.3% to €1,151 and Waterford City up 19.7% to €955.

"The rent pressure zone legislation is failing new entrants to the rental market. Asking prices for new lets are very clearly circumventing the 4% cap and this is adding to the housing affordability crisis."

Mr Ó Broin has called for a three year rent freeze and tax relief to be introduced to help solve the issue.

He added: "The Residential Tenancies Board needs additional power and resources to investigate rent hikes.

"This must be done in tandem with the roll out of an affordable rental scheme."

(CM)