The Daft.ie Rental Report - Threshold · The Daft.ie Rental Report An analysis of recent trends in...

The Daft.ie Rental ReportAn analysis of recent trends in the Irishrental market for 2015 Q2

As President of UCD Students’ Union, I’m very much aware of notions that issues affecting UCD students only affect people from Dublin 4. As a native of Cloneen, Co. Tipperary, I would be very vocal in reminding everyone that the accommodation crisis in the student market is affecting people from all over. The repercussions from this for students stretch the breadth of this country. Lack of affordable bed spaces in the capital for young people attending colleges impacts hardest on those based outside Dublin. They’re generally not too familiar with the city market and if they’re unsuccessful in finding somewhere to stay, they’ve a long & pricey commute ahead of them.

Areas traditionally rented by UCD students — Ranelagh, Rathgar, Rathmines, Clonskeagh, Booterstown & Stillorgan— have seen the sharpest rises in the Irish rental market over the last 5 years. Demand is so high for a place in these areas that prices have increased nearly 25% over the last few years. Rates are rising further right now as 1,000s of

secondary school graduates look to fly the coup for 2015/16. A cursory glance at the available data shows the difficulty awaiting them as newcomers to a small and very competitive rental sector.

Furthermore, while rental sector rates have generally decreased in the regional areas of Ireland, Cork and Galway have experienced increases comparable to rate rises in Dublin. So young people in 3rd-level education across the country are being hurt by an overcrowded rental market in our urban centres. It’s not just a question of them being out priced— even if rent is tied to inflation or capped by Government, the underlying housing shortage means inevitably high demand for housing will crowd out students anyway.

Presently 700,000 Irish people live in leased houses and apartments. That number is increasing every day. Almost 10,000 tenants join the rental sector every month. Many of these people would prefer to own their home but they can’t get a mortgage. However, they’re still in a more stable position than most Irish students— even those with good references & part time jobs— and because of that they win out with landlords and will continue to win out even if rental prices are fixed.

The Construction Industry Federation of Ireland advocates lowering the cost of building as a solution to shortages of supply in urban centres. This might reduce property prices, facilitate more people buying and free up the rental market— in the long term. I don’t know if this is the viable, sustainable route or whether policy makers should look to economic development outside of our main cities, where housing is more widely affordable. But I do know that none of the talking points on future action are staked in our corner of the market or the student specific crisis.

Almost 10,000tenants join the rental sector every month

Marcus O’HalloranUCD Students’ Union President, commenting on the latestDaft research on the Irish property market.

The Daft.ie Rental Report Q2, 2015 | 2

I have publicly called for student input into rental package agreements being discussed at a Cabinet level and am working on promoting rent-a-room schemes. Given the current situation, I am convinced that the greatest potential for alleviating the pressure on parents & young people looking for college accommodation is in rent-a-room schemes or “digs”. Homeowners who rent out empty bed spaces in their primary residence can earn up to €12,000 of rental income without paying tax on it. I would definitely back developing this existing tax relief to encourage more homeowners to enter the market and provide rooms for students.

Official figures from the Higher Education Authority project a student accommodation shortage for the next 10 years. University provided on-campus accommodation is severely limited and increasingly expensive— UCD have hiked prices by almost 30% over a 2 year period for bed spaces catering to 10% of the overall student population.

With Government ministers reportedly unconvinced that tax incentives for purpose-built student accommodation are the way forward, there needs to

be an onus on action. It is my belief that there should be a concerted, national effort to promote rent-a-room schemes. Tax relief on rental income from digs should be increased, efforts should be made to ensure struggling homeowners are informed of the cashflow gains to be made & data should be collected so average asking price comparisons between digs and the private market can be drawn.

All the available data for housing in Ireland is pointing to a crisis caused by a cramped, overcrowded rental sector. Many young people still celebrating their Leaving Cert results today will defer courses because of it. Perhaps the worst is that Irish politicians seem oblivious to them. They will remain so at their own peril following the political mobilization for marriage equality & the number of young people now registered to vote.

3 | The Daft.ie Rental Report Q2, 2015

Stock of properties to rent on Daft.ie (start of month) and flow of new properties to rent, 2006-2015

Stock (lhs) Inflow (rhs) Outflow (rhs)

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20000

15000

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15000

10000

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2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

8.5%(Year-on-year change in the average asking rent)

Rents Rise Nationally

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

January 117.5 127.5 137.4 119.9 103.2 99.8 99.0 102.0 109.7 120.4

February 117.8 131.5 137.4 116.8 102.3 100.6 98.8 103.3 111.1 121.7

March 118.4 133.4 135.8 114.3 102.1 100.3 98.6 103.4 112.3 122.2

April 119.4 133.8 135.2 112.3 101.5 100.2 98.4 104.0 113.3 123.2

May 120.4 134.5 133.4 110.6 101.1 100.1 98.8 103.7 114.6 124.2

June 121.4 135.1 132.0 109.1 100.5 99.8 99.0 103.6 115.3 125.2

July 122.0 135.3 132.1 107.7 100.4 100.3 99.6 105.4 116.3 126.7

August 123.2 136.4 131.2 107.3 101.4 100.3 100.6 106.7 117.3 -

September 124.9 136.9 130.3 106.2 101.1 99.7 100.7 107.4 118.3 -

October 125.6 136.6 127.5 104.7 100.7 99.1 100.7 107.9 118.8 -

November 125.0 136.4 123.3 102.6 99.1 98.3 101.5 107.7 119.6 -

December 126.9 136.6 120.1 101.7 98.9 98.7 101.2 108.3 119.9 -

Daft.ie National Rental Index(2012 average = 100)


Cork City€889 | 10.4%

Limerick City€718 | 8.9%

Galway City€818 | 10.1%

Waterford City€629 | 8.2%

NationwideAverage rent by region and Y-on-Y change

DublinAverage rent and Y-on-Y change

North County€1,149 | 10.7%

South County€1,573 | 6.1%

West County€1,213 | 10.4%

South City€1,485 | 7.1%

City Centre€1,378 | 10.0%

North City€1,281 | 9.2%

MN€5633.3%

CN€5145.6%

WH€6218.7%

LD€46010.3%

LH€76112.2%

MH€84114.4%

KE€92213.0%

WW€98010.1%

WX€6004.9%

CW€6646.9%

KK€6708.9%

LS€61611.7%

OY€6046.8%

G€5908.7%

MO€5493.6%

SO€5665.5%

DL€5153.7%

RN€5223.7%

LM€4565.7%

CE€5764.6%

T€6184.9%

L€6195.5%

C€6738.6%

KY€6175.8%

W€6246.6%

The Daft.ie Rental Report Q2, 2015 | 65 | The Daft.ie Rental Report Q2 2015

Rents up one quarter from their lowest point Nationally, the average rent reached its lowest point in the final quarter of 2011 and has risen by 25.8% - or little over €190 - since then. In Dublin, rents have risen by an average of 36% - or €360 a month -since that time. The last part of the country to see rents level off was the North-West - in Mayo, Roscommon & Donegal , rents only reached their lowest point

in early 2014 and have risen by 6% since then.

The Daft.ie Rental Report Q2, 2015 | 87 | The Daft.ie Rental Report Q2, 2015

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1 bed apartment 2 bed house 3 bed house 4 bed house 5 bed house

Dublin 1 €1,094 14.7% €1,344 15.4% €1,642 14.5% €2,044 15.6% €2,416 16.5%

Dublin 2 €1,360 10.8% €1,587 11.8% €1,906 11.2% €2,260 11.9% €2,787 17.5%

Dublin 3 €1,098 9.5% €1,292 11.4% €1,493 9.8% €1,726 11.3% €1,818 9.3%

Dublin 4 €1,421 7.5% €1,636 9.0% €1,939 6.3% €2,133 6.8% €2,270 5.8%

Dublin 5 €956 9.9% €1,088 11.5% €1,360 9.8% €1,473 10.9% €1,585 13.6%

Dublin 6 €1,233 8.9% €1,404 10.5% €1,755 8.8% €1,900 9.9% €2,045 12.5%

Dublin 6W €1,118 10.0% €1,272 11.5% €1,590 9.8% €1,722 11.0% €1,854 13.6%

Dublin 7 €1,027 11.8% €1,169 13.4% €1,462 11.6% €1,583 12.8% €1,704 15.5%

Dublin 8 €1,075 11.8% €1,224 13.4% €1,530 11.7% €1,656 12.9% €1,783 15.5%

Dublin 9 €984 12.4% €1,120 14.0% €1,401 12.3% €1,516 13.5% €1,632 16.2%

Dublin 10 €861 6.4% €980 7.9% €1,226 6.3% €1,327 7.4% €1,428 9.9%

Dublin 11 €905 11.8% €1,031 13.4% €1,288 11.7% €1,395 12.8% €1,501 15.5%

Dublin 12 €949 12.0% €1,080 13.6% €1,351 11.9% €1,462 13.0% €1,574 15.7%

Dublin 13 €968 10.7% €1,102 12.2% €1,377 10.5% €1,491 11.7% €1,605 14.3%

Dublin 14 €1,111 8.8% €1,264 10.3% €1,580 8.6% €1,711 9.7% €1,842 12.4%

Dublin 15 €886 12.7% €1,009 14.3% €1,261 12.6% €1,365 13.7% €1,470 16.4%

Dublin 16 €1,029 11.4% €1,171 13.0% €1,464 11.2% €1,585 12.4% €1,706 15.1%

Dublin 17 €925 16.1% €1,053 17.8% €1,316 16.0% €1,425 17.2% €1,534 20.0%

Dublin 18 €1,094 7.7% €1,245 9.2% €1,557 7.5% €1,685 8.6% €1,814 11.2%

Dublin 20 €947 12.2% €1,078 13.8% €1,348 12.0% €1,459 13.2% €1,571 15.9%

Dublin 22 €854 11.6% €972 13.2% €1,215 11.5% €1,315 12.6% €1,416 15.3%

Dublin 24 €877 12.0% €999 13.6% €1,248 11.9% €1,352 13.0% €1,455 15.7%

North Co Dublin €834 11.4% €950 13.0% €1,187 11.3% €1,285 12.4% €1,384 15.1%

South Co Dublin €1,178 8.7% €1,340 10.2% €1,676 8.5% €1,814 9.6% €1,953 12.3%

West Dublin €850 11.9% €967 13.4% €1,209 11.7% €1,309 12.9% €1,409 15.6%

Cork City €646 8.5% €723 10.8% €904 9.1% €978 10.2% €1,053 12.9%

Galway City €581 8.3% €650 10.7% €812 9.0% €879 10.1% €946 12.7%

Limerick City €510 7.4% €570 9.7% €712 8.0% €771 9.1% €830 11.7%

Waterford City €450 6.7% €503 9.0% €629 7.3% €681 8.4% €733 11.0%


Meath €571 15.6% €653 17.2% €817 15.4% €884 16.6% €952 19.4%

Kildare €640 15.5% €731 17.0% €914 15.3% €990 16.4% €1,066 19.2%

Wicklow €698 13.0% €798 14.5% €997 12.8% €1,080 14.0% €1,163 16.7%

Louth €521 13.6% €595 15.2% €744 13.4% €806 14.6% €867 17.3%

Longford €321 9.6% €367 11.1% €459 9.4% €497 10.6% €535 13.2%

Offaly €411 7.9% €470 9.4% €587 7.7% €636 8.8% €685 11.4%

Westmeath €427 9.8% €488 11.4% €610 9.7% €660 10.8% €711 13.4%

Laois €421 13.2% €481 14.8% €601 13.1% €651 14.2% €700 16.9%

Carlow €449 8.4% €513 9.9% €642 8.3% €695 9.4% €748 12.0%

Kilkenny €452 10.4% €517 11.9% €647 10.2% €700 11.4% €754 14.0%

Wexford €415 6.6% €474 8.1% €593 6.4% €642 7.5% €691 10.1%

Waterford Co €404 2.8% €467 5.5% €584 3.9% €632 5.0% €680 7.5%

Kerry €404 3.7% €468 6.5% €585 4.9% €633 5.9% €681 8.5%

Cork Co €440 4.4% €509 7.3% €637 5.6% €690 6.7% €742 9.3%

Clare €375 0.3% €433 3.1% €542 1.5% €587 2.5% €632 5.0%

Limerick Co €393 1.4% €455 4.2% €568 2.6% €615 3.6% €662 6.1%

Tipperary €403 0.9% €466 3.6% €583 2.0% €631 3.1% €679 5.5%

Galway Co €417 8.1% €464 10.0% €580 8.3% €628 9.4% €676 12.0%

Mayo €396 4.1% €441 5.9% €552 4.3% €597 5.4% €643 7.9%

Roscommon €372 3.9% €415 5.8% €518 4.2% €561 5.3% €604 7.8%

Sligo €421 7.0% €469 8.9% €586 7.3% €634 8.4% €683 10.9%

Leitrim €349 6.3% €388 8.2% €486 6.6% €526 7.6% €566 10.2%

Donegal €373 4.2% €416 6.0% €520 4.4% €563 5.5% €606 8.0%

Cavan €363 4.1% €405 5.9% €506 4.3% €548 5.4% €589 7.9%

Monaghan €410 2.6% €457 4.5% €571 2.9% €618 4.0% €665 6.4%

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Snapshot of Rents NationwideWhat can I ask for?

Can I afford it?

Average monthly rents across Ireland (€), and annual change (%), 2015 Q2


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Dublin 1 8.3% -0.4% 6.4% -0.5% 5.6% -0.2% 4.9% 0.1% 4.6% 0.4%

Dublin 2 6.2% 0.1% 5.6% 0.0% 4.9% 0.3% 3.9% 0.2% 4.0% 0.4%

Dublin 3 6.4% -0.8% 5.3% -0.4% 4.4% -0.5% 3.2% -0.1% 2.7% -0.1%

Dublin 4 5.6% 0.0% 4.9% 0.0% 3.9% -0.2% 2.6% 0.0% 2.3% -0.1%

Dublin 5 6.8% 0.2% 6.0% 0.0% 5.0% -0.2% 3.5% 0.0% 3.0% -0.2%

Dublin 6 5.0% 0.5% 4.4% 0.2% 3.7% 0.1% 2.5% 0.1% 2.2% 0.0%

Dublin 6W 5.9% 0.4% 5.2% 0.2% 4.3% 0.0% 3.0% 0.1% 2.6% 0.0%

Dublin 7 7.3% 0.2% 6.4% -0.1% 5.4% -0.3% 3.7% -0.1% 3.2% -0.2%

Dublin 8 7.4% 0.1% 6.5% -0.2% 5.4% -0.3% 3.7% -0.1% 3.3% -0.2%

Dublin 9 6.9% 0.5% 6.1% 0.2% 5.1% 0.0% 3.5% 0.1% 3.0% 0.0%

Dublin 10 9.8% -0.6% 8.7% -1.0% 7.2% -1.0% 5.0% -0.5% 4.3% -0.7%

Dublin 11 8.8% 0.3% 7.7% -0.1% 6.5% -0.2% 4.4% 0.0% 3.9% -0.2%

Dublin 12 7.9% 0.5% 6.9% 0.1% 5.8% 0.0% 4.0% 0.1% 3.5% -0.1%

Dublin 13 6.6% 0.4% 5.8% 0.1% 4.8% 0.0% 3.3% 0.1% 2.9% 0.0%

Dublin 14 6.1% 0.5% 5.3% 0.2% 4.5% 0.0% 3.1% 0.1% 2.7% 0.0%

Dublin 15 7.9% 0.5% 6.9% 0.1% 5.8% 0.0% 4.0% 0.1% 3.5% -0.1%

Dublin 16 6.1% 0.5% 5.4% 0.2% 4.5% 0.0% 3.1% 0.1% 2.7% 0.0%

Dublin 17 9.5% 0.6% 8.4% 0.2% 7.0% 0.0% 4.8% 0.1% 4.2% -0.1%

Dublin 18 5.8% 0.2% 5.1% 0.0% 4.3% -0.1% 2.9% 0.0% 2.5% -0.1%

Dublin 20 7.4% -0.1% 6.5% -0.4% 5.5% -0.4% 3.7% -0.2% 3.3% -0.3%

Dublin 22 9.4% 0.5% 8.3% 0.1% 7.0% -0.1% 4.8% 0.1% 4.2% -0.1%

Dublin 24 9.1% 0.1% 8.0% -0.3% 6.7% -0.4% 4.6% -0.1% 4.0% -0.3%

North Co Dublin 7.3% 0.4% 6.4% 0.0% 5.4% -0.1% 3.7% 0.0% 3.2% -0.1%

South Co Dublin 5.3% 0.3% 4.7% 0.0% 3.9% -0.1% 2.7% 0.0% 2.4% -0.1%

West Dublin 7.5% 0.4% 6.6% 0.0% 5.5% -0.1% 3.8% 0.0% 3.3% -0.1%

Cork City 8.9% 0.0% 8.3% -0.2% 6.2% -0.4% 3.9% 0.1% 3.2% -0.2%

Galway City 8.8% 0.1% 8.3% -0.2% 6.1% -0.4% 3.9% 0.1% 3.2% -0.1%

Limerick City 10.6% 0.7% 9.9% 0.3% 7.4% -0.1% 4.6% 0.3% 3.8% 0.0%

Waterford City 11.1% 0.8% 10.4% 0.4% 7.7% 0.0% 4.8% 0.4% 4.0% 0.1%


Meath 8.8% -0.1% 8.3% -0.4% 6.9% -0.7% 3.8% -0.2% 3.5% -0.3%

Kildare 9.0% 0.3% 8.4% -0.1% 7.1% -0.5% 3.8% -0.1% 3.6% -0.2%

Wicklow 7.6% 0.2% 7.2% -0.2% 6.0% -0.4% 3.3% -0.1% 3.1% -0.1%

Louth 9.3% 0.4% 8.7% -0.1% 7.3% -0.4% 4.0% -0.1% 3.7% -0.1%

Longford 11.0% 0.4% 10.3% -0.1% 8.7% -0.5% 4.7% -0.1% 4.4% -0.2%

Offaly 9.2% 0.2% 8.6% -0.2% 7.2% -0.5% 3.9% -0.1% 3.7% -0.2%

Westmeath 9.4% 0.2% 8.8% -0.2% 7.4% -0.6% 4.0% -0.1% 3.8% -0.2%

Laois 9.6% 0.4% 9.0% -0.1% 7.6% -0.5% 4.1% -0.1% 3.9% -0.1%

Carlow 10.0% 0.4% 9.3% 0.0% 7.8% -0.4% 4.2% -0.1% 4.0% -0.1%

Kilkenny 8.8% 0.0% 8.3% -0.3% 6.9% -0.7% 3.7% -0.2% 3.5% -0.2%

Wexford 9.0% -0.1% 8.4% -0.5% 7.1% -0.8% 3.8% -0.3% 3.6% -0.3%

Waterford Co 8.3% -0.1% 7.9% -0.4% 6.4% -0.6% 3.4% -0.4% 3.2% -0.4%

Kerry 9.4% 0.8% 8.9% 0.4% 7.3% 0.0% 3.9% 0.0% 3.6% -0.1%

Cork Co 9.2% 0.3% 8.7% 0.0% 7.2% -0.3% 3.8% -0.2% 3.5% -0.3%

Clare 9.3% -0.1% 8.8% -0.5% 7.2% -0.7% 3.8% -0.4% 3.6% -0.5%

Limerick Co 10.2% 0.6% 9.7% 0.2% 7.9% -0.2% 4.2% -0.1% 3.9% -0.2%

Tipperary 9.9% 0.4% 9.4% 0.0% 7.7% -0.3% 4.1% -0.2% 3.8% -0.3%

Galway Co 10.1% 0.4% 10.2% 0.6% 8.4% -0.3% 4.3% -0.1% 3.9% -0.1%

Mayo 10.2% 0.4% 10.4% 0.5% 8.6% -0.3% 4.4% -0.1% 4.0% -0.1%

Roscommon 11.9% -0.3% 12.1% -0.1% 10.0% -1.1% 5.1% -0.4% 4.7% -0.4%

Sligo 10.8% 0.7% 11.0% 0.9% 9.0% -0.1% 4.6% 0.0% 4.2% 0.1%

Leitrim 11.3% 0.7% 11.5% 0.9% 9.5% -0.1% 4.9% 0.0% 4.4% 0.0%

Donegal 10.0% 0.1% 10.2% 0.3% 8.4% -0.6% 4.3% -0.2% 3.9% -0.2%

Cavan 10.4% -0.4% 10.6% -0.3% 8.7% -1.1% 4.5% -0.5% 4.1% -0.4%

Monaghan 9.8% -0.4% 9.9% -0.2% 8.2% -1.0% 4.2% -0.4% 3.8% -0.4%

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Daft.ie Snapshot of YieldsThe yield is the ratio of annual rents to the price of the property.

It is comparable to an interest rate and is frequently used as a measure of how healthy the property market is.

Gross annual yields across Ireland (%), and year-on-year change (in percentage points), 2015 Q2


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Mortgage (4.3%)

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Rent Mortgage (4.3%)

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Rent

Dublin 1 €669 €837 €1,094 €1,058 €1,323 €1,344 €1,475 €1,844 €1,642 €2,124 €2,656 €2,044 €2,639 €3,300 €2,416

Dublin 2 €1,112 €1,391 €1,360 €1,426 €1,784 €1,587 €1,964 €2,456 €1,906 €2,933 €3,668 €2,260 €3,543 €4,432 €2,787

Dublin 3 €870 €1,088 €1,098 €1,219 €1,525 €1,292 €1,726 €2,158 €1,493 €2,750 €3,439 €1,726 €3,386 €4,235 €1,818

Dublin 4 €1,276 €1,596 €1,421 €1,687 €2,110 €1,636 €2,479 €3,100 €1,939 €4,065 €5,084 €2,133 €5,011 €6,268 €2,270

Dublin 5 €706 €883 €956 €910 €1,138 €1,088 €1,362 €1,703 €1,360 €2,151 €2,690 €1,473 €2,657 €3,324 €1,585

Dublin 6 €1,237 €1,547 €1,233 €1,596 €1,996 €1,404 €2,388 €2,987 €1,755 €3,771 €4,716 €1,900 €4,659 €5,827 €2,045

Dublin 6W €957 €1,197 €1,118 €1,234 €1,544 €1,272 €1,847 €2,310 €1,590 €2,917 €3,649 €1,722 €3,604 €4,508 €1,854

Dublin 7 €713 €892 €1,027 €920 €1,151 €1,169 €1,377 €1,722 €1,462 €2,174 €2,719 €1,583 €2,686 €3,359 €1,704

Dublin 8 €734 €918 €1,075 €947 €1,184 €1,224 €1,417 €1,772 €1,530 €2,238 €2,799 €1,656 €2,764 €3,458 €1,783

Dublin 9 €718 €898 €984 €926 €1,158 €1,120 €1,385 €1,733 €1,401 €2,188 €2,736 €1,516 €2,703 €3,381 €1,632

Dublin 10 €442 €553 €861 €570 €713 €980 €854 €1,068 €1,226 €1,348 €1,686 €1,327 €1,665 €2,083 €1,428

Dublin 11 €522 €653 €905 €673 €842 €1,031 €1,008 €1,260 €1,288 €1,591 €1,991 €1,395 €1,966 €2,459 €1,501

Dublin 12 €609 €762 €949 €786 €983 €1,080 €1,176 €1,471 €1,351 €1,857 €2,323 €1,462 €2,295 €2,870 €1,574

Dublin 13 €744 €931 €968 €960 €1,201 €1,102 €1,437 €1,797 €1,377 €2,269 €2,838 €1,491 €2,803 €3,506 €1,605

Dublin 14 €926 €1,158 €1,111 €1,194 €1,493 €1,264 €1,787 €2,235 €1,580 €2,821 €3,529 €1,711 €3,486 €4,360 €1,842

Dublin 15 €569 €712 €886 €734 €918 €1,009 €1,099 €1,374 €1,261 €1,735 €2,170 €1,365 €2,143 €2,681 €1,470

Dublin 16 €855 €1,070 €1,029 €1,103 €1,380 €1,171 €1,651 €2,065 €1,464 €2,607 €3,261 €1,585 €3,221 €4,029 €1,706

Dublin 17 €491 €615 €925 €634 €793 €1,053 €948 €1,186 €1,316 €1,498 €1,873 €1,425 €1,850 €2,314 €1,534

Dublin 18 €957 €1,197 €1,094 €1,235 €1,544 €1,245 €1,848 €2,311 €1,557 €2,918 €3,649 €1,685 €3,605 €4,509 €1,814

Dublin 20 €645 €807 €947 €832 €1,041 €1,078 €1,245 €1,558 €1,348 €1,967 €2,460 €1,459 €2,430 €3,039 €1,571

Dublin 22 €457 €572 €854 €589 €737 €972 €882 €1,103 €1,215 €1,393 €1,742 €1,315 €1,721 €2,152 €1,416

Dublin 24 €487 €609 €877 €628 €785 €999 €939 €1,175 €1,248 €1,483 €1,855 €1,352 €1,833 €2,292 €1,455

North Co Dublin €579 €724 €834 €747 €934 €950 €1,117 €1,398 €1,187 €1,765 €2,207 €1,285 €2,180 €2,727 €1,384

South Co Dublin €1,113 €1,392 €1,178 €1,436 €1,796 €1,340 €2,148 €2,687 €1,676 €3,393 €4,244 €1,814 €4,192 €5,243 €1,953

West Dublin €574 €718 €850 €741 €927 €967 €1,108 €1,386 €1,209 €1,750 €2,189 €1,309 €2,163 €2,705 €1,409

Cork City €367 €459 €646 €438 €548 €723 €741 €927 €904 €1,273 €1,592 €978 €1,663 €2,081 €1,053

Galway City €332 €415 €581 €396 €495 €650 €670 €838 €812 €1,150 €1,439 €879 €1,503 €1,880 €946

Limerick City €242 €303 €510 €289 €362 €570 €489 €612 €712 €840 €1,051 €771 €1,098 €1,373 €830

Waterford City €205 €256 €450 €245 €306 €503 €414 €518 €629 €711 €890 €681 €929 €1,163 €733

DU

BLIN

To buy or to rent?Using the Daft.ie House Price and Rental reports, it is possible to calculate the average mortgage payment as well as the average rent, for properties around the country.

Current mortgage repayments based off the following parameters: 4.3% variable mortgage, for a term of 30 years, with 85% LTV, while a figure is also given for the case where mortgage rates rise by two percentage points.

Average mortgage and rent payments compared, across Ireland, 2015 Q2


ULS

TER


Mortgage (4.3%)

Mortgage+2%


Mortgage+2%


Mortgage+2%


Mortgage+2%


Mortgage+2%

Rent

Meath €327 €408 €571 €398 €498 €653 €594 €743 €817 €1,186 €1,484 €884 €1,356 €1,696 €952

Kildare €359 €449 €640 €438 €547 €731 €653 €816 €914 €1,304 €1,631 €990 €1,490 €1,864 €1,066

Wicklow €461 €577 €698 €562 €704 €798 €839 €1,049 €997 €1,676 €2,097 €1,080 €1,916 €2,396 €1,163

Louth €282 €352 €521 €344 €430 €595 €512 €641 €744 €1,024 €1,281 €806 €1,170 €1,463 €867

Longford €147 €184 €321 €179 €225 €367 €268 €335 €459 €535 €669 €497 €611 €765 €535

Offaly €227 €284 €411 €276 €346 €470 €412 €516 €587 €824 €1,030 €636 €941 €1,177 €685

Westmeath €229 €286 €427 €279 €349 €488 €416 €520 €610 €831 €1,039 €660 €950 €1,188 €711

Laois €220 €275 €421 €268 €336 €481 €400 €500 €601 €799 €1,000 €651 €914 €1,143 €700

Carlow €228 €285 €449 €278 €347 €513 €414 €518 €642 €827 €1,034 €695 €945 €1,182 €748

Kilkenny €259 €325 €452 €316 €396 €517 €472 €590 €647 €943 €1,179 €700 €1,077 €1,348 €754

Wexford €233 €292 €415 €284 €356 €474 €424 €531 €593 €848 €1,060 €642 €969 €1,212 €691

Waterford Co €246 €308 €404 €299 €374 €467 €457 €571 €584 €929 €1,161 €632 €1,073 €1,343 €680

Kerry €217 €272 €404 €264 €330 €468 €403 €505 €585 €820 €1,025 €633 €948 €1,185 €681

Cork Co €242 €303 €440 €294 €368 €509 €449 €562 €637 €913 €1,142 €690 €1,056 €1,320 €742

Clare €204 €256 €375 €248 €311 €433 €380 €475 €542 €772 €965 €587 €892 €1,115 €632

Limerick Co €195 €244 €393 €237 €297 €455 €362 €453 €568 €737 €921 €615 €851 €1,065 €662

Tipperary €205 €257 €403 €249 €312 €466 €381 €477 €583 €775 €969 €631 €895 €1,120 €679

Galway Co €209 €262 €417 €229 €286 €464 €347 €434 €580 €730 €914 €628 €864 €1,081 €676

Mayo €196 €245 €396 €215 €268 €441 €325 €406 €552 €685 €856 €597 €810 €1,013 €643

Roscommon €158 €198 €372 €173 €216 €415 €262 €327 €518 €552 €690 €561 €653 €817 €604

Sligo €197 €247 €421 €216 €270 €469 €327 €409 €586 €689 €862 €634 €816 €1,020 €683

Leitrim €156 €195 €349 €171 €214 €388 €259 €324 €486 €545 €682 €526 €645 €807 €566

Donegal €189 €236 €373 €206 €258 €416 €313 €391 €520 €659 €824 €563 €780 €975 €606

Cavan €176 €221 €363 €193 €241 €405 €292 €366 €506 €616 €771 €548 €729 €912 €589

Monaghan €212 €265 €410 €232 €290 €457 €352 €440 €571 €741 €927 €618 €877 €1,097 €665

LEIN

STER

MU

NST

ERCO

NN

AUG

HT

To buy or to rent?Using the Daft.ie House Price and Rental reports, it is possible to calculate the average mortgage payment as well as the average rent, for properties around the country.

Current mortgage repayments based off the following parameters: 4.3% variable mortgage, for a term of 30 years, with 85% LTV, while a figure is also given for the case where mortgage rates rise by two percentage points.

Average mortgage and rent payments compared, across Ireland, 2015 Q2

DublinRents in Dublin are now between 30% and 40% higher than their lowest point four years ago.

North CityAverage rent: €1,281Year-on-year change: 9.2%From trough: 37.2%

City CentreAverage rent: €1,378Year-on-year change: 10.0%From trough: 40.1%

South CityAverage rent: €1,485Year-on-year change: 7.1%From trough: 35.7%

North CountyAverage rent: €1,149

Year-on-year change: 10.7%From trough: 33.6%

West CountyAverage rent: €1,213


South CountyAverage rent: €1,573


RENTAL AREAS

DUBLIN CITY CENTRESOUTH CO. DUBLINSOUTH DUBLIN CITYNORTH DUBLIN CITYNORTH CO. DUBLINWEST CO. DUBLIN

AVERAGERENT

€638€567€586€507€474€474

% YR/YRCHANGE

11.1% 9.2% 9.5% 8.8%10.0% 9.2%

DOUBLE BED

RENT-A-ROOM TRENDS

RENTAL AREAS

DUBLIN CITY CENTRESOUTH CO. DUBLINSOUTH DUBLIN CITYNORTH DUBLIN CITYNORTH CO. DUBLINWEST CO. DUBLIN

AVERAGERENT

€507€473€458€418€365€365

% YR/YRCHANGE

10.0%10.5% 9.0%11.8%19.3%14.4%

SINGLE BED

RENT-A-ROOM TRENDS

SINGLE BED DOUBLE BED

Dublin trends Q2 2015

Dublin City Centre North Dublin City South Dublin City North County Dublin South County Dublin West County Dublin

Q12006

Q12007

Q12008

Q12009

Q12010

Q12011

Q12012

Q12013

Q12014

Q22015

€1,800

€1,700

€1,600

€1,500

€1,400

€1,300

€1,200

€1,100

€1,000

€900

€800


Single digit inflationAcross the cities, rental inflation varies between 6% and 10% in year-on-year terms, compared to 15% a year ago.

Stock remains lowJust 1,750 properties were available to rent in Dublin on August 1st, marking two years of very tight supply in the capital.

Rent-a-room up 10%Compared to a year ago, the cost of a single or double room in the capital is up roughly 10%.

2% increase in three monthsRents rose by between 1% and 3% across the capital between March and June, with the biggest increases in the cheaper areas.

LeinsterCompared to their lowest point in 2011, rents in some parts of Leinster are now 25%-30% higher - while in other counties, they have increased by less than 15%.

LouthAverage rent: €761Year-on-year change: 12.2%From trough: 24.6%

MeathAverage rent: €841Year-on-year change: 14.4%From trough: 30.1%

KildareAverage rent: €922Year-on-year change: 13.0%From trough: 31.2%

WicklowAverage rent: €980Year-on-year change: 10.1%From trough: 27.0%

WexfordAverage rent: €600Year-on-year change: 4.9%From trough: 10.7%

LongfordAverage rent: €460


WestmeathAverage rent: €621


OffalyAverage rent: €604


LaoisAverage rent: €616


KilkennyAverage rent: €670


CarlowAverage rent: €664


RENTAL AREAS

DUBLIN COMMUTER COUNTIESWEST LEINSTERSOUTH-EAST LEINSTER

AVERAGERENT

€396€281€313

% YR/YRCHANGE

12.0%10.9% 4.2%

DOUBLE BED

RENT-A-ROOM TRENDS

RENTAL AREAS

DUBLIN COMMUTER COUNTIESWEST LEINSTERSOUTH-EAST LEINSTER

AVERAGERENT

€330€244€269

% YR/YRCHANGE

8.6% 4.5% -0.8%

SINGLE BED

RENT-A-ROOM TRENDS


Leinster trends Q2 2015

Dublin Commuter Counties West Leinster South-East Leinster

Q12006

Q12007

Q12008

Q12009

Q12010

Q12011

Q12012

Q12013

Q12014

Q22015

€1,100

€1,000

€900

€800

€700

€600

€500

€400


Inflation of up to 15%In Dublin’s Commuter Counties, year-on-year increases vary from 10% in Wicklow to nearly 15% in Meath and are above Dublin inflation rates.

1,000 homes to rentThere were just under 1,000 homes to rent in Leinster (outside Dublin) on August 1st, down from more than 6,000 a little over five years ago.

Rent-a-room rising near DublinWhereas the cost of a room is up roughly 10% in counties near Dublin, in the south-east, any increases have been much smaller over the last 12 months.

3-4% rises in three monthsRents rose by more than 3% in the majority of counties in Leinster (outside Dublin) betweenMarch and June.

MunsterLargest increases in rent in Munster in Cork city, up by a quarter. Most of the province has seen a 10% rise in the last two years.

TipperaryAverage rent: €618Year-on-year change: 4.9%From trough: 9.6%

Limerick CityAverage rent: €718Year-on-year change: 8.9%From trough: 18.0%

Waterford CountyAverage rent: €624Year-on-year change: 6.6%From trough: 9.6%

Waterford CityAverage rent: €629Year-on-year change: 8.2%From trough: 12.0%

ClareAverage rent: €576


Limerick CountyAverage rent: €619


KerryAverage rent: €617


Cork CountyAverage rent: €673


Cork CityAverage rent: €889


RENTAL AREAS

CORK CITY CENTRECORK CITY SUBURBSCORK COMMUTER TOWNSLIMERICK CITY CENTRELIMERICK CITY SUBURBSWATERFORD CITY CENTREREST OF MUNSTER

AVERAGERENT

€398€358€354€315€280€276€268

% YR/YRCHANGE

13.4% 6.9% 8.3% 5.7% 3.7% -9.2% 4.3%

DOUBLE BED

RENT-A-ROOM TRENDS

RENTAL AREAS

CORK CITY CENTRECORK CITY SUBURBSCORK COMMUTER TOWNSLIMERICK CITY CENTRELIMERICK CITY SUBURBSWATERFORD CITY CENTREREST OF MUNSTER

AVERAGERENT

€311€299€271€282€249€251€237

% YR/YRCHANGE

7.2% 7.2% 3.4%24.2%-3.9% 1.2% 9.6%

SINGLE BED

RENT-A-ROOM TRENDS


Munster trends Q2 2015

Cork City Limerick City Waterford City Rest-of-Munster

Q12006

Q12007

Q12008

Q12009

Q12010

Q12011

Q12012

Q12013

Q12014

Q22015

€1,100

€1,000

€900

€800

€700

€600

€500

€400


Annual inflation higher in citiesAcross Munster’s three cities, annual inflation in rents was between 8% and 10%, whereas elsewhere in the province, it was typically closer to 5%.

1,000 homes to rent in MunsterThere were just over 1,000 homes to rent in Munster on August 1st, down from over 5,000 three years ago.

Gains in rent-a-room costsAcross most of Munster, the cost of a room in shared accomodation has risen in the last year, by between 5% and 10% in most places.

2-3% rise in 3 monthsFor most of Munster, there was an increase in the average rent of 2%-3% between March and June, although Cork County saw an increase of almost 4%.

Connacht/UlsterRents in Galway city are now higher than at any point in the period 2006-2008.

LeitrimAverage rent: €456Year-on-year change: 5.7%From trough: 10.7%

MonaghanAverage rent: €563Year-on-year change: 3.3%From trough: 9.0%

CavanAverage rent: €514Year-on-year change: 5.6%From trough: 8.9%

RoscommonAverage rent: €522Year-on-year change: 3.7%From trough: 5.9%

DonegalAverage rent: €515


SligoAverage rent: €566


MayoAverage rent: €549


Galway CityAverage rent: €818


Galway County Average rent: €590


RENTAL AREAS

GALWAY CITY CENTREGALWAY CITY SUBURBSREST OF CONNACHTULSTER (ROI)

AVERAGERENT

€375€337€283€244

% YR/YRCHANGE

5.6% 5.0% 7.9% 0.8%

DOUBLE BED

RENT-A-ROOM TRENDS

RENTAL AREAS

GALWAY CITY CENTREGALWAY CITY SUBURBSREST OF CONNACHTULSTER (ROI)

AVERAGERENT

€322€292€232€220

% YR/YRCHANGE

10.7% 7.0% 0.8%10.9%

SINGLE BED

RENT-A-ROOM TRENDS


Average house price by area, 2006-2015.

Connacht/Ulster trends Q2 2015

Galway County Connacht Ulster

Q12006

Q12007

Q12008

Q12009

Q12010

Q12011

Q12012

Q12013

Q12014

Q22015

€900

€850

€800

€750

€700

€650

€600

€550

€500

€450

€400


Differences rise from low-pointWhereas most counties have seen single-digit

increases in rents since they bottomed out, rents

have risen by 10% in Leitrim and by over 15% in

Galway county and nearly 30% in Galway city.

Tight supply on the marketThere were fewer than 900 properties to rent across

Connacht and Ulster on August 1st, down from 3,500

three years ago.

Galway gains in rent-a-roomThe cost of a room in shared accomodation rose

strongly in Galway city, in year-on-year terms, while

the cost of a double room elsewhere in Connacht

also rose.

2-3% increases in 3 monthsMost parts of Connacht-Ulster saw rents increase

between 2% and 3% on average between March

and June.

Over the last 10 years, Daft.ie has collected a vast amount of data on the Irish property market. In 2014 alone, over 140,000 properties for sale were advertised on the site.About the ReportThe goal of the Daft Report is to use this information to help all actors in the property market make informed decisions about buying and selling. In addition, because it is freely available, the Daft Report can help inform the media, the general public and policymakers about the latest developments in the property market.

The Daft.ie Rental Report was launched in 2005. It has already become the definitive barometer of the Irish rental market and is being used by the Central Bank, mortgage institutions, financial analysts and the general public alike. The Daft.ie House Price Report is Ireland’s longest-running house price report, combining information from the Daft.ie archives with data from Ireland’s Residential Property Price Register.

Together, the two reports give house-hunters and investors more information to help them make their decisions. These twin reports mean that Daft is the only objective monitor of trends in both rental and sales markets on a monthly basis, making the report an essential barometer for anyone with an interest in the Irish property market.

Methodology and Sample SizeThe statistics are based on properties advertised on Daft.ie for a given period. The regressions used are hedonic price regressions, accounting for all available and measurable attributes of properties, with a Cooks Distance filter for outliers. The average

monthly sample size for lettings properties is over 10,000. Indices are based on standard methods, holding the mix of characteristics constant, with the annual average of 2012 used as the base.

About Daft.ieDaft.ie is Ireland’s largest property website with over 2.19 million unique users of the site generating over 220 million page impressions each month.

DisclaimerThe Daft.ie Report is prepared from information that we believe is collated with care, but we do not make any statement as to its accuracy or completeness. We reserve the right to vary our methodology and to edit or discontinue the indices, snapshots or analysis at any time for regulatory or other reasons. Persons seeking to place reliance on any information contained in this report for their own or third party commercial purposes do so at their own risk.

CreditsEconomic Analysis: Ronan LyonsMarketing and Communications: Martin ClancyLayout and Design: Dara Gannon

Coming next:

The Daft.ie House Price Report 2015 Q3, in October 2015.The Daft.ie House Price Report will be published in early October 2015 andwill provide a detailed regional analysis of asking prices and transaction pricesas well as all the usual indices, snapshots, trends and regional analysis, providing the public with Ireland’s most up-to-date information on the housing market.

All data is Copyright © Daft Media Limited. The information contained in this report may only be reproduced if the source is clearly credited. Please contact Daft.ie on 01-4218700 for further information.


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