Kildare rents up 10.2% in the last year report says

Increase is slightly less than national average

Conor McHugh

Reporter:

Conor McHugh

Email:

conor@leinsterleader.ie

Kildare rents up 10.2% in the last year report says

It's the eighth consecutive quarter where annual rent increases has been greater than 10%.

Kildare rents have risen significantly in in the first quarter of 2018, compared to the same time last year.

On average, according to an official report from Daft.ie, rents were 10.2% higher than in the first three months of 2017.

Surprisingly, that rise is actually lower than the national average of 11.5%, where the average advertised rent is now €1246, up 77% from its lowest point.

This represents the eighth consecutive quarter in which annual inflation in rents has been greater than 10% nationally and also that a new all-time high has been set. The average monthly rent nationwide during the first quarter of 2018 was €1,261. This represents a monthly increase of €232 (€2,784 a year) compared to their previous peak in 2008.

According to the report the average cost of renting a one bed property in Kildare is now €903, a 12.4% increase on last year; the cost of a two bed property is €1,045, which is an increase of  11.4%; a three bed property is €1,232, an increase of 9.8%; a four bed property is €1,354 which is 10.1% more expensive than this time last year.

And a five bed property is, on average,  €1,415 which is a 6.3% increase.

The author of the report, economist Ronan Lyons said that “rents have now been rising almost three times as long as they fell in the crash and the increases show no signs of moderating.

“But as ever, rents are only the symptom. The cause remains a chronic and worsening lack of rental supply,” he claimed. His claim is backed by some figures. The report also revealed that “there were fewer than 3,100 properties available to rent nationwide in April, down over 15% on the same date a year ago and the lowest recorded for this time of year”.