The Daft.ie Rental Price Report...Asking Prices, Residential Sales (2012 average = 100) Daft.ie...

An analysis of recent trends in the Irish rental market2019 Q4 - Year in Review

The Daft.ie Rental Price Report

Introduction by Ronan Lyons, Assistant

Professor of Economics at Trinity College Dublin

“Rents have been rising because very high construction costs for apartments have made it unviable to build the thousands of new rental homes that are desperately needed around the country. A rent freeze would do nothing to solve the underlying problem of high build costs.”

Rent costs, not rent prices, the issue

Taking into account all rental markets nationwide,

rents in December were ever so slightly lower

(0.1%) than three months previously. This is the first

time since mid-2012 that rents have not risen

nationally in a given three-month period – ending an

extraordinary run of 29 consecutive quarters of

rental inflation.

However, there is a split between urban and rural

areas. In Dublin, rents rose 0.4% in those three

months and, taking the average of the four other

cities, rents rose by 0.7%. Outside the five main

cities, rents fell by 0.8% - with the largest falls seen in

Connacht and Ulster. Rents in Monaghan fell

by 2.8% in three months, for example, while they rose

by 1% in Cork city.

Even in urban areas, however, year-on-year rental

inflation has moderated significantly over the last

24 months. The annual increase in the national

average rent was above 10% from early 2016 all the

way through to late 2018. Inflation is still positive but,

at 4.1% nationally and 3.5% in Dublin, it is at

its lowest level since 2012.

It is, of course, impossible to view these figures and

not think of Election 2020. Housing became

perhaps the single most important issue in the

February 2020 election. Health was, of course, not far

behind. But it has been an issue for so many elections

now, it hard to see how that will have swung

many voters – the infamous comparison of Ireland’s

Department of Health to Angola dates back to

the 1990s.

No doubt to the dismay of the out-going Government,

the other candidate for main election issue –

Brexit – has apparently been deemed by voters to

have been more or less resolved. This is of course

far from the truth, with it very likely that the new

government will increasingly have to devote its

attention to the new EU-UK trade deal, as 2020

progresses.

But housing appears to have topped voters’ concerns.

And given what has happened in the Irish

housing system over the past decade, it is not hard to

see why. As outlined in the commentary on

the last report, after twin real and financial shocks to

the housing system starting in 2007, housing

moved gradually from problems of excess to

problems of scarcity.

This began in urban rental markets as far back as late

2009, when I noted in the commentary on the

Rental Report then that it looked as though Dublin

was running out of surplus accommodation.

Shortages of housing then subsequently spread

countrywide, in both sale and rental segments –

with the sales segment in some Munster markets

being the last to bottom out in 2014.

The second half of the 2010s saw a response, albeit a

weak one, from the supply side of the market,

with growing numbers of new homes built, year-on-

Ronan Lyons,Assistant Professor in Economics, TCD

The Daft.ie Rental Price Report – 2019 Q4 | 3

year. From a low of fewer than 5,000

completions in 2013 to more than 20,000 homes being

built in 2019. However, the bulk of those

homes – almost 90% – were either estate housing for

sale or one-off housing, most of which never

comes on the market.

So, ironically given where the problems of scarcity

emerged first over a decade ago, urban rental

markets are where those same problems persist

longest, as revealed by the figures in this latest

Rental Report.

There was much discussion throughout the brief

election campaign – and in the months leading up

to it – about the economic desirability and

constitutional feasibility of a rent freeze. Rent Pressure

Zones were introduced in 2016 and had an indirect but

easily foreseeable consequence on rental

inflation. By punishing landlords who had not

increased rents for sitting tenants in the years before

they were introduced, RPZs made it normal for the vast

majority of landlords to review their rent

each year, rather than more irregularly, thus making

4% increases the new normal. Politicians have

responded to this by arguing 0% should be the new

normal.

The problem with this logic is that it ignores why rents

are rising. Rents have been rising because

very high construction costs for apartments have

made it unviable to build the thousands of new

rental homes that are desperately needed around the

country. A rent freeze would do nothing to

solve the underlying problem of high build costs.

What rent controls do – and we have already seen this

with RPZs – is they turn the market into one

of insiders and outsiders. Before RPZs, those with

existing tenancies were enjoying smaller increases

as well as none of the hassle of having to move. This

gap between ‘stayers’ and ‘movers’ grew far

worse with RPZs, as seen in the dramatic increase in

lease length: even if it doesn’t suit you as much

any more, once you have a place, you keep it.

A rent freeze would just accentuate this. The most

vulnerable in the rental market – those new to

the city, those without networks, those who have to

move because of a change in household

circumstances and those subject to all forms of

conscious and unconscious bias – will lose out. Those

with good social networks, higher incomes and stable

circumstances will, once again, benefit. If that

is what the public wants from public policy, then fair

enough – but we should be explicit about it

rather than claim that this is a policy designed to help

those who need it.

What would have a far more serious negative impact is

if these rent freezes were somehow linked to

newly-built rental homes. This would, in effect, turn off

the supply tap overnight. We can see about

25,000 new rental homes on their way over the next

few years. While this is still small relative to the

gap between supply and demand, it will help.

To solve the rental crisis, the new Government needs

to tackle two things: high construction costs

and dysfunctional social housing policies. Neither

requires a rent freeze. Both will require an

investment by the taxpayer. If housing is indeed the

top issue for voters, then the new Government

has a mandate to make those investments.

4 | The Daft.ie Rental Price Report – 2019 Q4 The Daft.ie Rental Price Report – 2019 Q4 | 5

3,500On Febuary 1st 2020 there were

homes available to rent nationwideup 10% on the same date last year

Cork City€1,386 | 5.5%

Limerick City€1,217 | 3.9%

Galway City€1,309 | 5.6%

Waterford City€1,010 | 4.3%

North County€1,735 | 5.4%

South County€2,227 | 2.6%

West County€1,827 | 3.8%

South City€2,170 | 2.8%

City Centre€2,090 | 3.0%

North City€1,950 | 4.9%

South County€2,206 | 4.2%

West County€1,796 | 5.1%

DL€6624.5%

LM€6074.0%

CN€7603.7%

MN€8062.2%

LH€1,2373.3%

MH€1,3303.0%

KE€1,3483.1%

WW€1,4173.0%

LS€9907.4%

CW€9656.5%

WX€8583.4%

KK€9785.1%

CE€8647.9%

T€8445.4%

L€8968.3%

W€9587.7%

G€9345.3%

SO€7723.2%

RN€7194.5%

LD€7266.0%

MO€7443.5%

WH€1,0006.3%

OY€9175.0%

C€1,0165.5%

KY€8605.6%

Slow-down in rental inflation continuesRents in the final quarter of 2019 were 4.1% higher than a year previously, on average across the country, the lowest rate of inflation since late 2012. Nonetheless, compared to a year ago rents are still rising in each of the 54 markets covered in the Daft.ie Report. However, there is no longer any one of those 54 markets where inflation is above 10% - unlike a year ago, when half (27 of 54 markets) had double-digit inflation. The highest rate of rental inflation is in Limerick county (8.3%) while in Dublin 1 and in Dublin 20, rents are no higher than a year ago.


Nationwide Average rental prices and Y-on-Y change

Dublin Average rental prices and Y-on-Y change

Ireland

€1,402 | 4.1%

€1,4022009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

January 119.9 103.2 99.8 99.0 102.0 109.7 120.4 132.1 148.9 164.8 180.2 188.5

February 116.8 102.3 100.6 98.8 103.3 111.1 121.7 132.4 150.7 168.3 181.6

March 114.3 102.1 100.3 98.6 103.4 112.3 122.2 133.7 151.7 170.0 183.1

April 112.3 101.5 100.2 98.4 104.0 113.3 123.2 134.5 152.5 170.5 184.1

May 110.6 101.1 100.1 98.8 103.7 114.6 124.2 138.9 154.3 174.1 184.6

June 109.1 100.5 99.8 99.0 103.6 115.3 125.2 140.4 155.7 175.3 186.0

July 107.7 100.4 100.3 99.6 105.4 116.3 126.7 140.7 157.3 175.4 185.6

August 107.3 101.4 100.3 100.6 106.7 117.3 128.3 143.7 160.1 177.6 186.8

September 106.2 101.1 99.7 100.7 107.4 118.3 129.6 145.4 160.7 179.0 187.1

October 104.7 100.7 99.1 100.7 107.9 118.8 130.2 146.5 161.3 178.3 186.8

November 102.6 99.1 98.3 101.5 107.7 119.6 129.7 148.3 163.6 179.2 185.3

December 101.7 98.9 98.7 101.2 108.3 119.9 130.5 148.3 164.4 179.6 187.0

Asking Prices, Residential Sales(2012 average = 100)

Daft.ie National Rent Index

Average Monthly Rent

8 | The Daft.ie Rental Price Report – 2019 Q4

Rents fall 0.1% between September and DecemberRents nationwide fell by an average of 0.1% in the final three months of 2020, the first fall in 30

quarters since mid-2012.

Stock on the market up 10%There were over 3,500 homes available to rent on

February 1st, up 10% on the same month a year

previously - in all but one of the months since January

2019, availability has improved.

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

0

5000

10000

15000

20000

25000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

The index is based on listed rents for properties advertised to let on Daft.ie. Figures are calculated from econometric regressions, which calculate changes in price that are independent of changes in observable measures of quality, such as location, size and type.


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

An urban-rural splitWhile the national average was a fall, rents rose in the

final three months of the year in urban areas, including

Dublin (0.4%), Cork (1.0%) and Galway (0.8%).

Daft.ie Snapshot ofRents Nationwide

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

Dublin 1 €1,585 0.0% €1,923 0.0% €2,430 1.5% €2,998 0.5% €3,278 -7.0%

Dublin 2 €1,895 4.0% €2,256 3.3% €2,674 3.3% €3,215 3.8% €3,739 2.0%

Dublin 3 €1,628 4.3% €1,911 3.9% €2,222 4.7% €2,532 3.7% €2,920 8.3%

Dublin 4 €1,967 0.5% €2,274 1.4% €2,627 2.2% €3,010 3.8% €3,037 -1.0%

Dublin 5 €1,551 8.6% €1,752 5.7% €2,024 4.9% €2,216 5.3% €2,391 3.6%

Dublin 6 €1,875 5.9% €2,118 3.1% €2,448 2.3% €2,680 2.7% €2,891 1.0%

Dublin 6W €1,662 6.6% €1,877 3.7% €2,169 3.0% €2,375 3.4% €2,562 1.6%

Dublin 7 €1,669 7.9% €1,885 4.9% €2,178 4.2% €2,384 4.6% €2,573 2.9%

Dublin 8 €1,741 7.4% €1,967 4.5% €2,272 3.8% €2,488 4.2% €2,684 2.4%

Dublin 9 €1,581 10.2% €1,786 7.2% €2,063 6.4% €2,259 6.8% €2,437 5.0%

Dublin 10 €1,441 2.2% €1,628 -0.6% €1,881 -1.3% €2,059 -0.9% €2,221 -2.6%

Dublin 11 €1,462 9.5% €1,652 6.5% €1,909 5.8% €2,089 6.2% €2,254 4.4%

Dublin 12 €1,554 8.9% €1,755 5.9% €2,028 5.2% €2,220 5.6% €2,396 3.8%

Dublin 13 €1,532 9.0% €1,731 6.0% €2,000 5.3% €2,189 5.7% €2,362 3.9%

Dublin 14 €1,661 7.5% €1,877 4.6% €2,168 3.8% €2,374 4.2% €2,561 2.5%

Dublin 15 €1,404 8.2% €1,586 5.3% €1,833 4.6% €2,007 4.9% €2,165 3.2%

Dublin 16 €1,528 8.7% €1,726 5.7% €1,995 5.0% €2,184 5.4% €2,356 3.6%

Dublin 17 €1,459 9.5% €1,648 6.6% €1,904 5.8% €2,085 6.2% €2,249 4.4%

Dublin 18 €1,669 6.6% €1,885 3.7% €2,178 3.0% €2,385 3.4% €2,573 1.7%

Dublin 20 €1,445 2.3% €1,633 -0.5% €1,886 -1.2% €2,065 -0.8% €2,228 -2.5%

Dublin 22 €1,380 6.8% €1,559 3.9% €1,801 3.2% €1,972 3.6% €2,127 1.8%

Dublin 24 €1,405 8.2% €1,587 5.3% €1,834 4.6% €2,008 5.0% €2,166 3.2%

North Co Dublin €1,324 9.1% €1,495 6.2% €1,728 5.4% €1,891 5.8% €2,041 4.1%

South Co Dublin €1,715 6.1% €1,937 3.3% €2,238 2.5% €2,450 2.9% €2,644 1.2%

West Dublin €1,363 7.8% €1,539 4.9% €1,779 4.2% €1,947 4.6% €2,101 2.8%

Cork City €1,060 8.7% €1,186 5.8% €1,370 5.0% €1,500 5.4% €1,618 3.7%

Galway City €978 9.0% €1,093 6.1% €1,263 5.3% €1,383 5.7% €1,492 4.0%

Limerick City €904 6.7% €1,010 3.8% €1,167 3.1% €1,278 3.5% €1,379 1.8%

Waterford City €758 7.5% €848 4.6% €980 3.8% €1,073 4.2% €1,157 2.5%

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Meath €966 6.6% €1,100 3.5% €1,271 2.8% €1,392 3.2% €1,502 1.4%

Kildare €990 6.7% €1,128 3.6% €1,303 2.9% €1,426 3.2% €1,539 1.5%

Wicklow €1,056 6.3% €1,202 3.2% €1,389 2.5% €1,521 2.8% €1,641 1.1%

Louth €905 6.9% €1,030 3.8% €1,190 3.0% €1,303 3.4% €1,406 1.7%

Longford €539 9.8% €613 6.6% €709 5.8% €776 6.2% €837 4.4%

Offaly €666 8.5% €758 5.3% €876 4.5% €959 4.9% €1,035 3.2%

Westmeath €728 9.6% €829 6.4% €958 5.7% €1,049 6.1% €1,132 4.3%

Laois €722 11.5% €822 8.2% €950 7.4% €1,040 7.8% €1,122 6.1%

Carlow €694 10.2% €790 7.0% €912 6.2% €999 6.6% €1,078 4.8%

Kilkenny €703 8.7% €801 5.5% €925 4.8% €1,013 5.2% €1,093 3.4%

Wexford €624 6.7% €711 3.6% €821 2.9% €899 3.2% €970 1.5%

Waterford Co €674 10.6% €760 7.1% €878 6.3% €962 6.7% €1,038 5.0%

Kerry €602 8.0% €679 4.6% €785 3.8% €859 4.2% €927 2.5%

Cork Co €719 7.8% €811 4.3% €937 3.6% €1,026 4.0% €1,107 2.3%

Clare €607 10.5% €685 7.0% €792 6.2% €867 6.6% €935 4.9%

Limerick Co €618 10.7% €697 7.2% €805 6.5% €881 6.8% €951 5.1%

Tipperary €594 8.1% €670 4.7% €775 3.9% €848 4.3% €915 2.6%

Galway Co €669 8.8% €767 6.3% €887 5.6% €971 6.0% €1,047 4.2%

Mayo €535 6.9% €614 4.5% €710 3.8% €777 4.2% €838 2.5%

Roscommon €512 8.3% €588 5.9% €679 5.2% €743 5.5% €802 3.8%

Sligo €570 6.8% €653 4.4% €755 3.7% €827 4.0% €892 2.3%

Leitrim €460 8.2% €528 5.8% €610 5.0% €668 5.4% €721 3.7%

Donegal €481 8.7% €552 6.3% €638 5.5% €698 5.9% €753 4.2%

Cavan €546 8.3% €626 5.9% €724 5.1% €793 5.5% €855 3.8%

Monaghan €589 5.6% €675 3.3% €780 2.6% €854 3.0% €922 1.3%


What can I ask for? Can I afford it? Average monthly rents across Ireland (€), and annual change (%), 2019 Q4

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Dublin 1 8.3% -0.2% 7.1% 0.1% 6.9% 0.2% 5.8% -0.2% 5.3% -0.3%

Dublin 2 7.0% 0.3% 6.4% 0.3% 6.1% 0.3% 4.9% 0.0% 5.4% 0.6%

Dublin 3 7.0% -0.3% 6.0% 0.0% 5.7% 0.3% 4.1% -0.1% 4.1% 0.3%

Dublin 4 6.9% -0.8% 5.8% -0.1% 4.7% 0.2% 3.4% 0.1% 3.0% 0.0%

Dublin 5 9.3% 0.8% 7.7% 0.6% 6.4% 0.3% 4.1% 0.0% 4.0% -0.1%

Dublin 6 6.5% 0.5% 5.4% 0.4% 4.5% 0.1% 2.9% -0.1% 2.8% -0.1%

Dublin 6W 7.7% 0.8% 6.4% 0.6% 5.3% 0.3% 3.4% 0.0% 3.3% 0.0%

Dublin 7 9.4% 1.1% 7.8% 0.9% 6.5% 0.5% 4.2% 0.1% 4.1% 0.1%

Dublin 8 9.8% 1.3% 8.1% 1.0% 6.8% 0.6% 4.4% 0.2% 4.2% 0.2%

Dublin 9 9.5% 1.2% 7.8% 1.0% 6.5% 0.6% 4.2% 0.2% 4.1% 0.1%

Dublin 10 12.7% 0.8% 10.5% 0.5% 8.8% 0.1% 5.6% -0.2% 5.5% -0.3%

Dublin 11 11.5% 1.5% 9.5% 1.2% 7.9% 0.7% 5.1% 0.2% 5.0% 0.2%

Dublin 12 10.7% 1.5% 8.9% 1.1% 7.4% 0.7% 4.7% 0.2% 4.6% 0.2%

Dublin 13 9.1% 1.0% 7.6% 0.8% 6.3% 0.4% 4.0% 0.1% 4.0% 0.0%

Dublin 14 7.9% 1.0% 6.6% 0.8% 5.5% 0.5% 3.5% 0.1% 3.4% 0.1%

Dublin 15 10.7% 1.2% 8.9% 0.9% 7.4% 0.5% 4.8% 0.1% 4.6% 0.1%

Dublin 16 8.5% 1.0% 7.0% 0.8% 5.9% 0.4% 3.8% 0.1% 3.7% 0.1%

Dublin 17 12.7% 1.1% 10.5% 0.8% 8.7% 0.4% 5.6% 0.0% 5.5% -0.1%

Dublin 18 8.6% 1.2% 7.1% 1.0% 6.0% 0.6% 3.8% 0.2% 3.7% 0.2%

Dublin 20 9.8% 0.9% 8.1% 0.7% 6.7% 0.3% 4.3% 0.0% 4.2% -0.1%

Dublin 22 12.7% 1.3% 10.5% 0.9% 8.8% 0.5% 5.6% 0.0% 5.5% 0.0%

Dublin 24 11.8% 1.1% 9.8% 0.8% 8.2% 0.4% 5.2% 0.0% 5.1% 0.0%

North Co Dublin 10.1% 1.2% 8.4% 0.9% 7.0% 0.5% 4.5% 0.1% 4.4% 0.1%

South Co Dublin 7.4% 1.0% 6.2% 0.7% 5.1% 0.5% 3.3% 0.1% 3.2% 0.1%

West Dublin 11.0% 1.2% 9.1% 0.9% 7.6% 0.5% 4.9% 0.1% 4.8% 0.0%

Cork City 10.5% 0.9% 8.8% 0.5% 7.0% 0.5% 4.3% -0.1% 3.9% 0.0%

Galway City 10.1% 1.0% 8.5% 0.6% 6.7% 0.5% 4.1% 0.0% 3.8% 0.0%

Limerick City 12.0% 0.6% 10.1% 0.2% 8.0% 0.2% 4.9% -0.3% 4.5% -0.2%

Waterford City 11.6% 0.6% 9.7% 0.3% 7.7% 0.2% 4.7% -0.3% 4.3% -0.2%

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Meath 11.2% 1.1% 9.8% 0.8% 8.1% 0.3% 4.5% 0.1% 4.6% 0.0%

Kildare 11.1% 1.2% 9.6% 0.9% 8.0% 0.4% 4.5% 0.2% 4.5% 0.1%

Wicklow 9.7% 1.3% 8.4% 1.0% 7.0% 0.5% 3.9% 0.3% 4.0% 0.1%

Louth 12.2% 1.5% 10.6% 1.1% 8.9% 0.6% 4.9% 0.3% 5.0% 0.1%

Longford 13.2% 2.0% 11.5% 1.6% 9.6% 1.0% 5.4% 0.5% 5.4% 0.3%

Offaly 11.5% 1.8% 10.0% 1.4% 8.3% 0.8% 4.7% 0.4% 4.7% 0.3%

Westmeath 11.0% 1.3% 9.5% 0.9% 7.9% 0.5% 4.4% 0.2% 4.5% 0.1%

Laois 12.4% 2.0% 10.8% 1.5% 9.0% 0.9% 5.0% 0.5% 5.1% 0.3%

Carlow 11.7% 1.9% 10.2% 1.5% 8.5% 1.0% 4.7% 0.5% 4.8% 0.4%

Kilkenny 10.6% 1.7% 9.2% 1.4% 7.7% 0.9% 4.3% 0.4% 4.3% 0.3%

Wexford 10.2% 1.3% 8.9% 1.0% 7.4% 0.5% 4.1% 0.3% 4.2% 0.1%

Waterford Co 8.8% 0.4% 8.3% 0.4% 6.9% 0.1% 3.8% 0.0% 3.9% -0.2%

Kerry 9.1% 0.4% 8.7% 0.3% 7.2% 0.0% 4.0% 0.0% 4.1% -0.2%

Cork Co 9.4% 0.5% 8.9% 0.4% 7.4% 0.1% 4.1% 0.1% 4.2% -0.1%

Clare 9.3% 0.6% 8.8% 0.6% 7.4% 0.2% 4.1% 0.1% 4.2% -0.1%

Limerick Co 10.2% 1.1% 9.7% 1.0% 8.1% 0.6% 4.5% 0.3% 4.6% 0.1%

Tipperary 9.8% 0.6% 9.3% 0.6% 7.8% 0.2% 4.3% 0.1% 4.4% -0.1%

Galway Co 11.4% -0.3% 10.8% 0.9% 9.0% 0.4% 4.7% -0.1% 5.1% 0.0%

Mayo 10.9% 0.0% 10.4% 1.1% 8.7% 0.5% 4.5% 0.1% 4.9% 0.1%

Roscommon 12.3% -0.1% 11.7% 1.2% 9.8% 0.6% 5.1% 0.0% 5.5% 0.1%

Sligo 11.2% -0.9% 10.7% 0.4% 8.9% -0.1% 4.7% -0.3% 5.0% -0.2%

Leitrim 11.0% 0.2% 10.4% 1.3% 8.7% 0.8% 4.6% 0.2% 4.9% 0.3%

Donegal 10.8% -0.1% 10.3% 1.1% 8.6% 0.5% 4.5% 0.0% 4.8% 0.1%

Cavan 11.6% 0.0% 11.1% 1.2% 9.3% 0.6% 4.9% 0.1% 5.2% 0.2%

Monaghan 10.6% -0.7% 10.1% 0.5% 8.4% 0.0% 4.4% -0.2% 4.7% -0.2%

National Average 9.9% 0.8% 9.0% 0.8% 7.7% 0.4% 4.4% 0.1% 4.5% 0.0%


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), 2019 Q4

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Mortgage M + 2% Rent

Dublin 1 €870 €1,100 €1,585

Dublin 2 €1,234 €1,560 €1,895

Dublin 3 €1,070 €1,353 €1,628

Dublin 4 €1,297 €1,640 €1,967

Dublin 5 €760 €962 €1,551

Dublin 6 €1,312 €1,659 €1,875

Dublin 6W €992 €1,255 €1,662

Dublin 7 €811 €1,025 €1,669

Dublin 8 €813 €1,028 €1,741

Dublin 9 €765 €967 €1,581

Dublin 10 €520 €657 €1,441

Dublin 11 €584 €738 €1,462

Dublin 12 €666 €842 €1,554

Dublin 13 €769 €972 €1,532

Dublin 14 €958 €1,211 €1,661

Dublin 15 €600 €758 €1,404

Dublin 16 €824 €1,043 €1,528

Dublin 17 €526 €666 €1,459

Dublin 18 €885 €1,120 €1,669

Dublin 20 €676 €855 €1,445

Dublin 22 €496 €627 €1,380

Dublin 24 €544 €688 €1,405

North Co Dublin €601 €760 €1,324

South Co Dublin €1,057 €1,337 €1,715

West Dublin €568 €719 €1,363

Cork City €462 €585 €1,060

Galway City €444 €561 €978

Limerick City €344 €435 €904

Waterford City €300 €379 €758


€1,248 €1,578 €1,923

€1,621 €2,050 €2,256

€1,449 €1,832 €1,911

€1,784 €2,256 €2,274

€1,037 €1,311 €1,752

€1,790 €2,263 €2,118

€1,353 €1,711 €1,877

€1,106 €1,399 €1,885

€1,108 €1,402 €1,967

€1,043 €1,319 €1,786

€709 €896 €1,628

€796 €1,007 €1,652

€908 €1,148 €1,755

€1,048 €1,326 €1,731

€1,306 €1,651 €1,877

€818 €1,034 €1,586

€1,125 €1,422 €1,726

€718 €908 €1,648

€1,208 €1,527 €1,885

€922 €1,166 €1,633

€677 €856 €1,559

€742 €939 €1,587

€819 €1,036 €1,495

€1,442 €1,823 €1,937

€775 €980 €1,539

€617 €780 €1,186

€592 €748 €1,093

€459 €581 €1,010

€400 €506 €848


€1,614 €2,040 €2,430

€2,023 €2,558 €2,674

€1,792 €2,266 €2,222

€2,543 €3,216 €2,627

€1,440 €1,821 €2,024

€2,484 €3,141 €2,448

€1,879 €2,376 €2,169

€1,535 €1,941 €2,178

€1,539 €1,946 €2,272

€1,448 €1,831 €2,063

€984 €1,244 €1,881

€1,105 €1,397 €1,909

€1,261 €1,594 €2,028

€1,455 €1,840 €2,000

€1,813 €2,292 €2,168

€1,135 €1,436 €1,833

€1,561 €1,974 €1,995

€997 €1,260 €1,904

€1,677 €2,120 €2,178

€1,280 €1,619 €1,886

€939 €1,188 €1,801

€1,030 €1,303 €1,834

€1,138 €1,438 €1,728

€2,002 €2,531 €2,238

€1,076 €1,361 €1,779

€895 €1,132 €1,370

€859 €1,086 €1,263

€667 €843 €1,167

€580 €734 €980


€2,353 €2,975 €2,998

€2,976 €3,763 €3,215

€2,839 €3,589 €2,532

€4,089 €5,170 €3,010

€2,451 €3,099 €2,216

€4,229 €5,347 €2,680

€3,198 €4,044 €2,375

€2,614 €3,305 €2,384

€2,619 €3,312 €2,488

€2,465 €3,117 €2,259

€1,675 €2,117 €2,059

€1,881 €2,378 €2,089

€2,146 €2,713 €2,220

€2,478 €3,133 €2,189

€3,086 €3,902 €2,374

€1,933 €2,444 €2,007

€2,657 €3,360 €2,184

€1,697 €2,145 €2,085

€2,854 €3,608 €2,385

€2,179 €2,755 €2,065

€1,599 €2,022 €1,972

€1,754 €2,218 €2,008

€1,936 €2,448 €1,891

€3,407 €4,308 €2,450

€1,832 €2,316 €1,947

€1,615 €2,042 €1,500

€1,550 €1,960 €1,383

€1,203 €1,521 €1,278

€1,047 €1,324 €1,073


€2,814 €3,558 €3,278

€3,174 €4,014 €3,739

€3,291 €4,162 €2,920

€4,629 €5,854 €3,037

€2,708 €3,424 €2,391

€4,672 €5,908 €2,891

€3,533 €4,468 €2,562

€2,888 €3,651 €2,573

€2,894 €3,659 €2,684

€2,724 €3,444 €2,437

€1,850 €2,339 €2,221

€2,078 €2,628 €2,254

€2,371 €2,998 €2,396

€2,737 €3,461 €2,362

€3,410 €4,311 €2,561

€2,135 €2,700 €2,165

€2,936 €3,712 €2,356

€1,875 €2,370 €2,249

€3,153 €3,987 €2,573

€2,407 €3,044 €2,228

€1,767 €2,234 €2,127

€1,938 €2,451 €2,166

€2,139 €2,705 €2,041

€3,764 €4,760 €2,644

€2,024 €2,559 €2,101

€1,887 €2,386 €1,618

€1,811 €2,290 €1,492

€1,406 €1,777 €1,379

€1,224 €1,547 €1,157

DU

BLI

N


To Buy or to Rent?Using the Daft.ie Sale 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: 3.5% 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, 2019 Q4.


LEIN

STER

MU

NST

ERCO

NN

ACH

TU

LSTE

R


Meath €394 €499 €966

Kildare €410 €519 €990

Wicklow €501 €634 €1,056

Louth €339 €429 €905

Longford €186 €236 €539

Offaly €265 €335 €666

Westmeath €304 €385 €728

Laois €266 €337 €722

Carlow €271 €343 €694

Kilkenny €305 €385 €703

Wexford €281 €355 €624

Waterford Co €352 €445 €674

Kerry €302 €381 €602

Cork Co €352 €445 €719

Clare €298 €377 €607

Limerick Co €276 €349 €618

Tipperary €277 €351 €594

Galway Co €269 €341 €669

Mayo €225 €284 €535

Roscommon €191 €241 €512

Sligo €232 €294 €570

Leitrim €192 €243 €460

Donegal €204 €258 €481

Cavan €215 €271 €546

Monaghan €255 €322 €589


€517 €653 €1,100

€537 €680 €1,128

€657 €831 €1,202

€444 €562 €1,030

€244 €309 €613

€347 €439 €758

€399 €504 €829

€349 €441 €822

€356 €450 €790

€399 €505 €801

€368 €465 €711

€419 €530 €760

€359 €454 €679

€419 €530 €811

€355 €449 €685

€329 €416 €697

€330 €417 €670

€325 €411 €767

€271 €343 €614

€230 €291 €588

€281 €355 €653

€232 €293 €528

€246 €311 €552

€259 €328 €626

€308 €389 €675


€716 €905 €1,271

€745 €942 €1,303

€910 €1,151 €1,389

€615 €778 €1,190

€339 €428 €709

€481 €609 €876

€553 €699 €958

€484 €611 €950

€493 €623 €912

€553 €699 €925

€510 €644 €821

€581 €734 €878

€497 €629 €785

€580 €733 €937

€491 €621 €792

€455 €576 €805

€457 €578 €775

€449 €568 €887

€375 €474 €710

€319 €403 €679

€388 €490 €755

€321 €405 €610

€340 €430 €638

€358 €453 €724

€425 €538 €780


€1,403 €1,774 €1,392

€1,459 €1,845 €1,426

€1,784 €2,255 €1,521

€1,206 €1,525 €1,303

€664 €839 €776

€943 €1,193 €959

€1,083 €1,369 €1,049

€948 €1,198 €1,040

€966 €1,221 €999

€1,084 €1,370 €1,013

€999 €1,263 €899

€1,152 €1,457 €962

€987 €1,247 €859

€1,151 €1,456 €1,026

€975 €1,233 €867

€903 €1,142 €881

€907 €1,147 €848

€938 €1,186 €971

€783 €990 €777

€665 €840 €743

€809 €1,023 €827

€669 €846 €668

€710 €898 €698

€747 €945 €793

€887 €1,122 €854


€1,491 €1,885 €1,502

€1,550 €1,960 €1,539

€1,895 €2,396 €1,641

€1,281 €1,620 €1,406

€705 €891 €837

€1,002 €1,267 €1,035

€1,150 €1,454 €1,132

€1,007 €1,273 €1,122

€1,026 €1,298 €1,078

€1,151 €1,456 €1,093

€1,061 €1,342 €970

€1,205 €1,524 €1,038

€1,032 €1,305 €927

€1,204 €1,522 €1,107

€1,020 €1,290 €935

€945 €1,195 €951

€949 €1,200 €915

€948 €1,198 €1,047

€791 €1,000 €838

€672 €849 €802

€818 €1,034 €892

€676 €855 €721

€718 €908 €753

€755 €955 €855

€897 €1,134 €922



To Buy or to Rent?Using the Daft.ie Sale 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: 3.5% 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, 2019 Q4.


Rents rise 3.5% Y-o-YRents in Dublin were 3.5% higher in the final quarter of 2019 than a year earlier - the slowest rate of increase since mid-2012.

Final-quarter gainsIn each of the six markets in Dublin, rents rose between September and December, albeit modestly - unlike many parts of the country.

DublinInflation continues to cool

3.5%

North CountyAverage rent: €1,735

Qtr-on-qtr change: 0.4%Year-on-year change: 5.4%

Change from trough: 101.9%

West CountyAverage rent: €1,827



South CountyAverage rent: €2,227



North CityAverage rent: €1,950Qtr-on-qtr change: 0.7%Year-on-year change: 4.9%Change from trough: 109.4%

City CentreAverage rent: €2,090Qtr-on-qtr change: 0.3%Year-on-year change: 3.0%Change from trough: 112.9%

South CityAverage rent: €2,170Qtr-on-qtr change: 0.2%Year-on-year change: 2.8%Change from trough: 100.1%


Availability improves slightlyThere were 1,600 properties available to rent in Dublin on Febuary 1, 17% more than the same date a year previously.

5% increase in room costsThe cost of a single or double room in Dublin was roughly 5% higher in the final quarter of 2019 than a year earlier.

5%

Dublin Trends Q4 2019

Q42006

Q42007

Q42008

Q42009

Q42010

Q42011

Q42012

Q42013

Q42014

Q42015

Q42016

Q42017

Q42018

Q42019

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

Average rental price by area, 2006-2019.

€500

€1,000

€1,500

€2,000

€2,500SINGLE BEDROOM

€ 731

€ 593

€ 622

€ 529

€ 614

€ 537

10.6%

5.7%

5.6%

5.0%

3.7%

7.2%

AREAS AVG. RENT % CHANGE YoY

€ 824

€ 713

€ 756

€ 648

€ 741

€ 653

5.1%

3.5%

2.6%

4.2%

2.9%

4.1%

AVG. RENT % CHANGE YoY

Dublin City Centre

North Dublin City

South Dublin City

North Co. Dublin

South Co. Dublin

West Co. Dublin

DOUBLE BEDROOM

Rent-a-Room Trends Q4 2019

LeinsterRents up 4% year-on-year

20 | The Daft.ie Rental Price Report – 2019

Final-quarter fallBetween September and December, rents in Leinster, outside Dublin, fell by an average of 0.1% - the first fall recorded in the region since 2012.

Doubling of rentsCompared to a year ago, rents in Leinster are 3.9% higher - and an average of 88% higher than their low, although this increase varies substantially across the province.


LouthAverage Price: €220,272Qtr-on-qtr change: 2.3%Year-on-year change: 4.9%Change from trough: 72.7%

MeathAverage Price: €268,834Qtr-on-qtr change: 2.5%Year-on-year change: 7.0%Change from trough: 79.0%

KildareAverage Price: €266,430Qtr-on-qtr change: 1.7%Year-on-year change: 3.9%Change from trough: 69.9%

WicklowAverage Price: €339,559Qtr-on-qtr change: 1.7%Year-on-year change: 4.6%Change from trough: 67.0%

WexfordAverage Price: €209,969Qtr-on-qtr change: 1.5%Year-on-year change: 5.2%Change from trough: 68.0%

LongfordAverage Price: €142,501Qtr-on-qtr change: 4.0%

Year-on-year change: 10.0%Change from trough: 69.1%

WestmeathAverage Price: €204,729Qtr-on-qtr change: 2.1%


OffalyAverage Price: €188,808Qtr-on-qtr change: 1.1%


LaoisAverage Price: €181,149Qtr-on-qtr change: 2.5%


KilkennyAverage Price: €224,161Qtr-on-qtr change: 1.4%


CarlowAverage Price: €193,711Qtr-on-qtr change: 2.1%

Year-on-year change: 10.4%From trough: 65.5%

LongfordAverage rent: €726



WestmeathAverage rent: €1,000



OffalyAverage rent: €917



LaoisAverage rent: €990



KilkennyAverage rent: €978



CarlowAverage rent: €965

Qtr-on-qtr change: 0.3%Year-on-year change: 6.5%Change from trough: 62.8%

LouthAverage rent: €1,237Qtr-on-qtr change: 0.0%Year-on-year change: 3.3%Change from trough: 102.6%

MeathAverage rent: €1,330Qtr-on-qtr change: -0.3%Year-on-year change: 3.0%Change from trough: 105.9%

KildareAverage rent: €1,348Qtr-on-qtr change: -0.1%Year-on-year change: 3.1%Change from trough: 92.0%

WicklowAverage rent: €1,417Qtr-on-qtr change: -0.3%Year-on-year change: 3.0%Change from trough: 83.5%

WexfordAverage rent: €858Qtr-on-qtr change: -0.6%Year-on-year change: 3.4%Change from trough: 58.4%

Stock on market upThere were 745 properties available to rent in Leinster (outside Dublin) on February 1, up roughly a quarter from the 595 available a year ago.

Room costs rise 6%The average cost of a rented room in Leinster, outside Dublin, rose by an average of 5.7% in the year to December 2019.

745

SINGLE BEDROOM

€ 468

€ 337

€ 382

4.3%

9.9%

9.5%


€ 541

€ 404

€ 421

4.4%

2.1%

3.9%


Dublin Commuter Counties

West Leinster

South-East Leinster

DOUBLE BEDROOM

Leinster Trends Q4 2019


Q42006

Q42007

Q42008

Q42009

Q42010

Q42011

Q42012

Q42013

Q42014

Q42015

Q42016

Q42017

Q42018

Q42019

Dublin Commuter Counties West Leinster South-East Leinster

€400

€600

€800

€1,000

€1,200

€1,400

0.1%


MunsterRural rents fall


Rural rents down 1%Between September and December, rents in Munster outside the three cities fell by an average of 1.2%, the first recorded fall since late 2013.

Easing inflationIn Cork and Waterford cities, rents rose in the final quarter - although across the province, annual rates of inflation have cooled significantly in the last year.

ClareAverage rent: €864

Qtr-on-qtr change: -0.7%Year-on-year change: 7.9%


Limerick CountyAverage rent: €896



KerryAverage rent: €860



Cork CountyAverage rent: €1,016


Change from trough: 74.3%Cork City

Average rent: €1,386Qtr-on-qtr change: 1.0%


TipperaryAverage rent: €844Qtr-on-qtr change: -1.1%Year-on-year change: 5.4%Change from trough: 49.6%

Limerick CityAverage rent: €1,217Qtr-on-qtr change: -0.1%Year-on-year change: 3.9%Change from trough: 100.1%

Waterford CountyAverage rent: €958Qtr-on-qtr change: -0.4%Year-on-year change: 7.7%Change from trough: 68.4%

Waterford CityAverage rent: €1,010Qtr-on-qtr change: 0.3%Year-on-year change: 4.3%Change from trough: 80.0%

The Daft.ie Rental Price Report – 2019 Q4 |

Availability falls backThere were 633 homes available to rent across Munster on February 1, down 5.5% on a year ago, ending a run of 8 months of improving supply.

Room costs continue to riseThe cost of renting a room in Munster was on average 8.5% higher in the final quarter of 2019 than a year earlier.

8.5%1 FEB633

SINGLE BEDROOM

€ 545

€ 438

€ 442

€ 445

€ 379

€ 365

€ 340

17.7%

3.5%

10.8%

20.6%

4.7%

4.6%

7.9%


€ 607

€ 536

€ 518

€ 478

€ 440

€ 397

€ 384

7.1%

5.7%

8.6%

3.2%

7.8%

9.1%

7.9%


Cork City Centre

Cork City Suburbs

Cork Commuter Towns

Limerick City Centre

Limerick City Suburbs

Waterford City Centre

Rest of Munster

DOUBLE BEDROOM

Munster Trends Q4 2019

Cork City Limerick City Waterford City Rest-of-Munster


Q42006

Q42007

Q42008

Q42009

Q42010

Q42011

Q42012

Q42013

Q42014

Q42015

Q42016

Q42017

Q42018

Q42019

€400

€600

€800

€1,000

€1,200

€1,400

€400

€600

€800

€1,000

€1,200

€1,400

1.2%


Connacht/UlsterRents fall in late 2019

2% fall in rentsIn Connacht and Ulster, outside Galway city, rents fell by an average of 1.9% between September and December, the first fall in four years

Galway rents upIn Galway city, rents rose by 0.8% in the final quarter of the year and are now 99% higher than their lowest point in early 2012.


LeitrimAverage Price: €137,038Qtr-on-qtr change: 1.8%Year-on-year change: 10.9%Change from trough: 59.5%

MonaghanAverage Price: €174,870Qtr-on-qtr change: 3.3%Year-on-year change: 6.5%Change from trough: 53.2%

CavanAverage Price: €162,757Qtr-on-qtr change: 3.9%Year-on-year change: 10.2%Change from trough: 58.4%

RoscommonAverage Price: €145,652Qtr-on-qtr change: 4.9%Year-on-year change: 9.0%Change from trough: 58.9%

DonegalAverage Price: €145,691Qtr-on-qtr change: 1.5%


SligoAverage Price: €142,936Qtr-on-qtr change: 3.5%


MayoAverage Price: €156,147Qtr-on-qtr change: 1.2%


Galway CityAverage Price: €300,457Qtr-on-qtr change: 3.4%


Galway CountyAverage Price: €201,542Qtr-on-qtr change: 1.9%


Availability stableThere were 578 homes available to rent in Connacht and Ulster on February 1, down slightly (2.5%) on the 593 on the market a year ago.

Room costs rise 6%The average cost of a rented room in Connacht and Ulster rose by an average of 5.6% in the year to December 2019.


DonegalAverage rent: €662



SligoAverage rent: €772



MayoAverage rent: €744



Galway CityAverage rent: €1,309



LeitrimAverage rent: €607Qtr-on-qtr change: -1.5%Year-on-year change: 4.0%Change from trough: 47.4%

MonaghanAverage rent: €806Qtr-on-qtr change: -2.8%Year-on-year change: 2.2%Change from trough: 60.4%

CavanAverage rent: €760Qtr-on-qtr change: -1.6%Year-on-year change: 3.7%Change from trough: 61.2%

RoscommonAverage rent: €719Qtr-on-qtr change: -2.0%Year-on-year change: 4.5%Change from trough: 45.8%

Galway CountyAverage rent: €934

Qtr-on-qtr change: -1.4%Year-on-year change: 5.3%Change from trough: 83.0%

SINGLE BEDROOM

€ 485

€ 425

€ 327

€ 306

16.0%

7.1%

2.4%

6.5%


€ 544

€ 484

€ 359

€ 354

0.0%

0.0%

4.7%

8.3%


Galway City Centre

Galway City Suburbs

Connacht

Ulster

DOUBLE BEDROOM

6%1 FEB578

Connacht/Ulster Trends Q4 2019


€400

€600

€800

€1,000

€1,200

€1,400

Galway City Connacht Ulster

Q42006

Q42007

Q42008

Q42009

Q42010

Q42011

Q42012

Q42013

Q42014

Q42015

Q42016

Q42017

Q42018

Q42019

1.9%


Over the last 15 years, Daft.ie has collected a vastamount of data on the Irish property market. In 2014 alone, over 140,000 properties for sale or rent 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.

This is the Daft.ie Rental Report, the partner to the Daft.ie Sale Report, which was issued last month. Together, they 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 quarterly basis, making the report anessential barometer for anyone with an interest in the Irish property market.

The Daft Report was first launched in 2005. It has 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.

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 annual sample size for lettings properties is 60,000. Indices are based on standard methods, holding the mix of characteristics constant, with the annual average of 2016 used as the base. For more on the methodology, please see www.daft.ie/research. About Daft.ieDaft.ie is Ireland’s largest property website. The latest audited report from ABC (Sep 2011) shows monthly traffic of 130 million page impressions (pages of information received) and 1.976 million unique users per month across Daft Media’s property websites (daft.ie, rent.ie, let.ie, property.ie). This makes Daft.ie the biggest property website in Ireland across all demographics.

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: Raychel O’ConnellLayout and Design: Julian Czeryba


Coming next:

The Daft.ie House Price ReportQ1 2020.

The Daft.ie House Price Report will be published in late March and will include a review of the performance of Ireland’s sales market, plus all the usual indices, snapshots, trends and analysis, providing analysts, buyers, sellers and the public with the most up-to-date information on Ireland’s sales 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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