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Rent prices rise by 1.7% in Donegal but are still behind

first_imgDonegal rents continue to rise, according to the latest rental report by leading property website Daft.ie.Rents across the county rose by 1.7% in the second quarter of 2018. The average advertised rent for towns across Donegal is now €605, up 25% from its lowest point.This is still very much behind the national average which shows rents rose nationwide by an average of 12.4% in the year to June 2018.The average monthly rent nationwide during the second quarter of 2018 was €1,304. This is €274 per month higher than the previous peak in 2008 and over €560 higher than the low seen in late 2011.In Dublin, the increase in rents in the year to June 2018 was 13.4% and rents in the capital are now 34%, or almost €500 a month, higher than their previous peak a decade ago.Rents continue to rise rapidly in other cities also. In Limerick city, rents were 20.7% higher than a year ago, while in Waterford, the increase was 19.3%. Galway saw its rents increase by 15.9% in the same period, while in Cork, rents rose by 12.8%. Outside the five main cities, rents rose by an average of 10.4%.There were 3,070 properties available to rent nationwide on August 1st. This marks a 4.8% increase on the same figure a year ago but, aside from August 2017, the total availability is the lowest on record, going back to 2006. The small increase nationally was driven by Dublin, where availability improved from 1,121 to 1,397 comparing this August to a year ago. Elsewhere in the country, availability continues to fall.Ronan Lyons, who produced the latest Daft.ie report said that while the building of new homes appears to be having some effect in the sales market, with inflation easing somewhat, there is no counterpart in the rental sector.“While urban apartments make up almost all the net need for new homes in the country as a whole, just 13% of new homes completed in the year to March were urban apartments. In that context, it is unsurprising to see rents rise once more. As before, with such a mismatch between supply and demand, policy must focus on dramatically increasing the construction of urban apartments, for both market and social housing needs.”Rent prices rise by 1.7% in Donegal but are still behind was last modified: August 17th, 2018 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:daft.iedonegalpropertyrentsriselast_img read more