Property website Daft.ie today released their latest report into the Irish rental market and it makes alarming reading for a country already trying to fix a homeless crisis.
The report says that as of the 1st of February there are only 3,600 properties across the whole country available for rent, the lowest number since these reports began ten years ago.
It also said that Dublin has been effectively starved of rental properties with less than two weeks supply, or just 1,400 rental homes, on the market in the capital
The availability of rental accommodation nationwide has been consistently decreasing since the end of 2010, in comparison to now, back then there were 16,000 available properties to rent.
Author of the report, Daft chief economist Ronan Lyons, concluded that the lack of housing has been caused by a drop-off in construction coupled with a growing population. He also said some of the reasons given for the lack of new builds don’t make sense.
“The shortage of accommodation was first identified in the report in late 2010, ahead of the last election. Unfortunately, at the time, the political focus was on legacy issues related to ghost estates and negative equity.”
“Some of the reasons given for this lack of construction sound plausible at first glance but don’t stack up. For example, it is often said that banks won’t lend like they used to, or that Irish developers are either too bust or too greedy to build. But none of that explains why Dublin in particular is witnessing such a boom in commercial construction activity, especially new office space,”
Daft.ie also said the report shows the national average rent between October and December last year was €979, up from €898 the previous year.
With an average price of €1,435, Dublin held its position as the most expensive place to rent in 2015.