Rent costs continue to skyrocket in Tipperary amid falling availability of homes
As the General Election approaches, Daft.ie's latest quarterly report on rental prices across the country demonstrate the continued pressure on the rental market and the need for increased availability of properties.
Daft.ie's latest quarterly report on the country's rental market shows a continued escalation in rent costs in Tipperary and across Ireland.
According to the report, market rents in Munster have increased on average by 1.5% in the third quarter of 2024, making it the seventeenth consecutive quarter of rising rents in the province.
In comparison to a year ago, rental costs across Munster are a shocking 7.7% higher.
In Tipperary, market rents have risen by 2.2% since just the last quarter and a staggering 11.1% year-on-year.
Listed rents in the county have increased significantly from the level prevailing during the COVID-19 pandemic, with the average rent now €1,422 - a 65% rise since the pandemic.
As the report states, the continuous increase in rent costs reflects the extremely tight availability of rental properties. At the start of this month, there were fewer than 350 homes available to rent in Munster, down 13% on the same date last year and less than half the 2015-2019 average of almost 1,000.
Meanwhile, across the country there were just over 2,400 properties available to rent which is down 14% on the same date in 2024 and almost half of the 2015-2019 average of 4,400.
According to Daft.ie's report, the number of homes available to rent on the open market is decreasing after 18 months of improving availability.
This is the fifteenth consecutive quarter in which rents have increased across the country, with market rents rising an average 1.7% in the third quarter of this year.
While Dublin continues to experience soaring rents, other cities such as Galway, Cork, Waterford and Limerick are also seeing major increases.
As the General Election approaches, housing continues to be a high priority for people across the country.
Commenting in the report, Associate Professor in Economics at Trinity College Dublin, Ronan Lyons says: "The target for the new government has to be giving the same priority to the rental sector that has been given to owner-occupiers and to social housing over the last few years. Otherwise, it’s hard to see when conditions will change."