Anger as Dublin rent prices hit record high

Prices in the capital are also €600 more than the rest of the nation.

Dublin rent prices rose by a whopping 12.3% and reached a new record high, it has been revealed.

The latest quarterly rent report fromDaft.iefound that prices in the capital are now 18% (around €260) higher than their previous peak in 2008.

Average monthly rent in Dublin is now at a shocking price of €1,707.

The average rent nationwide during the second quarter of 2017 was €1,159.

And to make matters worse, there were just 1,100 homes available to rent, compared to 2,000 on the same date in 2014.

Ronan Lyons, economist at Trinity College Dublin and author of the Daft Report, said: “The start of the academic year in September traditionally meant that July and August are two of the busiest months for the rental market each year.

"In the last two years, however, there has been no summer rush of properties to rent. In a market with such chronically deficient supply, it is therefore unsurprising to see rents reach a new high.

“While rent controls may help sitting tenants, they make the market even tougher for those looking for a new home.

"The rental market remains in severe distress due to a lack of supply and thus the appropriate policy response is to boost supply of all forms.

"This includes purpose-built student accommodation. Based on demographics and other factors, Dublin alone needs a block of 300 student beds approved every month until the late 2020s.”

Katie Ascough and Kevin Keane, Presidents of UCD and TCD Students' Unions, added: "Over 50,000 Leaving Cert graduates from the class of 2017 are now looking for a place to stay before September.

"The lion's share of that group will be seeking accommodation in Dublin, Cork and Galway - the most competitive areas of a housing market in crisis.

"A cursory glance at the available data shows the challenge awaiting them.

"Major collective action from a range of stakeholders is necessary to help these young people and we're thankful to Daft for being involved in an initiative with us which is aimed at alleviating the situation."

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