Market rents in Kildare were on average 10.1 per cent higher in second quarter of 2024

Market rents in County Kildare were on average 10.1 per cent higher in the second quarter of 2024, according to Daft.ie's latest Rental Report.

The Report shows that in Kildare, market rents were on average 10.1 per cent higher in the second quarter of 2024 than a year previously.

It notes: "The average listed rent is now €1983, up 45 per cent from the level prevailing when the Covid-19 pandemic occurred.

"Nationwide, market rents rose by an average of two per cent in the second quarter of 2024.

"This marks the fourteenth consecutive quarter in which rents nationwide have increased and the 45th time in the last 48 quarters."

The Report further says: "The average open-market rent nationwide in the second quarter of the year was €1,922 per month, up 7.3 per cent year-on-year and 41 per cent higher than before the outbreak of Covid-19.

"Inflation in market rents remains significantly lower in Dublin than elsewhere in the country.

"In the capital, rents in the second quarter of the year were 3.5 per cent higher than a year earlier, while elsewhere in the country, they were on average 10.6 per cent higher.

"Market rents rose particularly sharply in Limerick City (up 21 per cent year-on-year) but the three other cities also saw double-digit increases, ranging from 13 per cent in Galway to 10 per cent in Waterford.

"Outside the cities, the rate of increase was similar, on average, between 9.3 per cent in Munster and 10.5 per cent in Connacht-Ulster.

"As has consistently been the case in recent years, availability on the rental market remains extremely tight.

"On August 1 [last], there were just over 2,200 homes available to rent across the country, effectively unchanged on the same date a year previously and half the 2015 to 2019 average of 4,400."

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EXPERT'S TAKE

Commenting on the report, Ronan Lyons, Associate Professor in Economics at Trinity College Dublin and author of the latest Report, said: "Ideally, more than a decade into a rental housing shortage, we would be talking about the gradual spread of the solution, rather than a return to the core problem.

"The solution is new supply of market rental homes, in large volumes, in each and every rental market in the country."

Assoc Prof Lyons continued: "Between mid-2022 and mid-2023, a slow-down in inflation in open-market rents occurred, driven by Dublin and in particular by the construction of significant numbers of new rental homes in the Dublin area.

"However, as seen by very rates of inflation in market rents in the other cities, this was limited to the capital, where new supply was concentrated.

"This most recent reports suggests that, even in Dublin, improvement in the availability of rental homes is stalling.

"Without new rental supply, it is likely that future pressure on rents will be upward, further straining affordability for those on regular incomes."

He concluded: "It remains incumbent on policymakers to first develop a thorough understanding of rental supply dynamics and second devise detailed plan on dramatically increasing rental supply, in all major rental markets, over the coming years."

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AVERAGE MARKET RENTS, AND YEAR-ON-YEAR CHANGE, 2024 Q2

• Dublin: €2,427, up 3.5 per cent
• Cork City: €2,005, up 11.9 per cent
• Limerick City: €2,107, up 21.2 per cent
• Galway City: €2,114, up 13.3 per cent
• Waterford City: €1,616, up 9.9 per cent
• Rest of the country: €1,573, up 9.9 per cent

The full report along with all previous reports are available from www.daft.ie/report.

It features commentary by Assoc Prof Ronan Lyons.