The Daft.ie Rental Report fileIntroduction by Ronan Lyons, Assistant Professor of Economics, Trinity...

Introduction by Ronan Lyons, Assistant Professor of Economics, Trinity College Dublin

The Daft.ie Rental ReportAn analysis of recent trends in the Irish rental market

2014 Q3

Introductionby Ronan Lyons, Assistant Professor of Economics, Trinity College Dublin

Link between rising rents and new supply broken

2 | The Daft.ie Rental Report, 2014 Q3

Rents continued to rise throughout the country between August and October, according to the figures published in this report. Over the last two years, the average rent nationwide has risen by almost €150, from €790 a month to €933. As has been documented in previous issues of this report, that national trend is being driven by Dublin, where rents are up an average of €300 a month since 2012.

But the latest figures show that rental inflation outside the cities is above what might be considered a healthy rate, in line with the rest of the economy. While prices in the rest of the economy were roughly flat in the year to October, rent inflation stayed above 10%. A small easing in Dublin inflation – from 15.6% to 14.5% - was offset by an increase in ex-Dublin inflation, from 5.7% to 6.6%.

Where are rents now compared both to their lowest point in 2012-2013 and to their highest point in 2007? The first graph below shows how rents now compare to those achieved at the peak and at the recent trough. What is clear is that, while there has been some uptick in non-city rents, particularly in Leinster, average monthly rents remain well below their 2007 levels, typically by about 20%.

Of greater concern is what has happened in Dublin. In the capital, rents are now almost 30% above their lowest point in 2012 and less than 10% below their 2007 peaks. This is very damaging for Dublin’s competitiveness as a location for foreign direct investment. The goal of housing policy should be to ensure that, regardless of whether it’s to rent or to buy, rural or urban, housing is abundant and affordable.

Continued on next page >

Ronan Lyons is Assistant Professor of Economics at Trinity College, Dublin, where he lectures on the urban economics and economic history. He is also author of the Daft.ie Report.

From troughFrom peak

Annual Change in Dublin rents

2006 II III IV 2007 II III IV 2008 II III IV 2009 II III IV 2010 II III IV 2011 II III IV 2012 II III IV 2013 II III IV 2014 II III

20%

15%

10%

5%

0%

-5%

-10%

-15%

-20%

% fall in number of rental properties120

110

100

90

80

70

60

50

Peak and trough variations by area

Dublin Other cities Leinster Munster Connacht - Ulster

30%

20%

10%

0%

-10%

-20%

-30%

Dublin Other cities Leinster Munster

2011 2012 2013 2014

Connacht Ulster

Introduction (cont’d)by Ronan Lyons, Assistant Professor of Economics, Trinity College Dublin

Link between rising rents and new supply broken





20%

15%

10%

5%

0%

-5%

-10%

-15%

-20%


110

100

90

80

70

60

50



30%

20%

10%

0%

-10%

-20%

-30%


2011 2012 2013 2014

Connacht Ulster




20%

15%

10%

5%

0%

-5%

-10%

-15%

-20%


110

100

90

80

70

60

50



30%

20%

10%

0%

-10%

-20%

-30%


2011 2012 2013 2014

Connacht Ulster

In many ways, the lack of choice is more concerning than the high rental rates, although clearly the two phenomena are inextricably linked. The second graph shows how many properties were listed to rent in the first nine months of each year, from 2011 to 2014, with 2011 set as the base. The number of properties listed to rent in Dublin has fallen from over 47,000 in the first nine months of 2011 to less than 27,000 in the same period this year.

Unlike the sales market, then, where rapidly rising prices have drawn out significant amounts of second-hand supply, rising rents have not seen any increase in listings. If anything, the opposite is the case. And the picture is even worse for building new homes.

This is particularly worrying given Dublin’s population is growing by roughly 10,000 households a year. Dublin City Council recently confirmed that fewer than 500 units are under construction at the moment in land under their control. While building in the capital will of course be spread between the four local authorities, the Dublin City Council area is by far the most important. Also, given renters’ preference for central location, the squeeze on construction affects them most.

The only silver lining is the fact that this quarter was the first time in five years that rent inflation in the capital eased somewhat. As shown in the third and final graph below, from mid-2009, when rents were falling by 18% a year, each successive quarter has seen an increase in rental inflation until now. We should not make too much of this – one swallow does not make a summer – but hopefully an easing in Dublin rental inflation can continue.

That would at least stop the affordability crisis from worsening. It does nothing, however, to change the availability crisis. For that – as I’ve outlined in recent report commentaries – we need Government policy to change and change fast.


Year-on-year change since Q3 2014

Galway county €592 | Change: 7.0%

Sligo €599 | Change: 2.3%

Kerry €605 | Change: 4.2%

Cork County €648 | Change: 5.7%

Waterford County €576 | Change: 3.4%

Meath €784 | Change: 10.9%

Cork City €897 | Change: 7.9%

Laois €585 | Change: 8.1%

Limerick County €600 | Change: 2.7%

Kilkenny €670 | Change: 7.8%

Waterford City €628 | Change: 4.5%

Galway City €875 | Change: 7.2%

Mayo €551 | Change: 1.9%

Donegal €508 | Change: 0.3%

Roscommon €541 | Change: 0.4%

Limerick City €704 | Change: 6.4%

Clare €562 | Change: 3.3%

Wicklow €998 | Change: 12.9%

Louth €689 | Change: 8.5%

Dublin City Centre €1,372 | Change: 16.6%

West Dublin County €1,140 | Change: 15.1%

North Dublin County €1,111 | Change: 12.3%

DublinClose-up North Dublin City

€1,252 | Change: 15.4%

South Dublin City €1,412 | Change: 14.3%

Wexford €618 | Change: 3.5%

Carlow €603 | Change: 2.3%

Kildare €925 | Change: 13.5%

Westmeath €614 | Change: 6.4%

Leitrim €422 | Change: 3.6%

Monaghan €557 | Change: 1.9%

Cavan €494 | Change: 2.0%

Longford €456 | Change: 4.2%

Tipperary €593 | Change: 2.8%

South Dublin County €1,493 | Change: 12.1%

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

Slight easing of rental inflationThe 2% quarterly increase in the average rent nationwide seen between July and September was the smallest in five quarters.

First slow-down in Dublin inflation in five yearsWhile inflation in Dublin rents remains very high, at 14.5%, it is down slightly for the first time since mid-2009.

Lowest stock on the market since mid-2007On November 1, there were fewer than 5,400 properties to rent nationwide, the lowest figure since May 2007.

-1

Daft.ie National Rental Index

10.8%Rents nationally were 10.8% higher on average in the third quarter of 2014 than a year previously. The average rent nationwide between July and September was €933, compared to €842 a year previously.


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

JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

2002133.5132.8128.5131.2128.5125.8124.6125.4124.4121.5118.3115.9

2007129.1130.6132.4132.8134.5135.1135.5133.8134.3134.0128.0128.1

2008128.9126.3124.9124.3126.2125.0124.8127.2126.4123.6120.4117.3

116.3119.4119.5120.4116.3114.8115.1116.3115.8113.2110.7110.2

2003110.3111.1110.6111.3109.5109.3111.1113.4114.1113.7111.7111.5

2004112.7114.2115.3115.4113.6112.8114.3116.2116.0117.3117.2118.9

2005119.1119.5120.0121.2121.9122.4123.5126.6128.4129.1127.3127.1

2006 2010101.8101.3101.2100.5100.6

99.999.8

100.9100.5100.1

98.798.4

2009117.1114.6112.2110.2108.7107.1105.7105.8104.7103.2101.3100.3

201199.499.899.599.499.198.899.3

100.399.699.198.598.9

201299.299.499.399.199.099.099.9

100.8101.0100.9101.3100.9

2013101.5101.7102.6102.6103.6103.6103.7105.9106.6107.4108.5108.8

2014109.6111.0112.6113.8114.3115.2115.5116.6118.0118.9

Stock of Properties to Rent (start-of-month) & Flow of New Properties to Rent (during entire month), 2007-2014

Nu

mb

er o

f Pro

per

ties

Stock Out FlowInflow

0

5000

10000

15000

20000

25000

2006 II III IV 2007 II III IV 2008 II III IV 2009 II III IV 2010 II III IV 2011 II III IV 2012 II III IV 2013 II III IV 2014 II III IV

The index is based on asking 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 measuresof quality, such as location, or bedroom number.


Daft.ie Snapshot of RentNationwide

What can I ask for? Can I afford it?Average rents across Ireland, by postcode/region and bedroom number, Quarter 3, 2014

Daft.ie Snapshot of Rents Nationwide 1bed 2bed 3bed 4bed 5bed

Dublin 1Dublin 2Dublin 3Dublin 4Dublin 5Dublin 6Dublin 6WDublin 7Dublin 8Dublin 9Dublin 10Dublin 11Dublin 12Dublin 13Dublin 14Dublin 15Dublin 16Dublin 17Dublin 18Dublin 20Dublin 22Dublin 24North Co DublinSouth Co DublinWest DublinCork CityGalway CityLimerick CityWaterford CityDublin Commuter CountiesWest LeinsterSouth-East LeinsterMunsterConnaught Ulster

€1,077€1,158€926

€1,197€827€950€906€900€963€882€900€900€905€961

€1,097€1,063€1,116

*€1,105€1,158€1,061€897€911

€1,098€876€664€605€473€445€630€426€463€427€396€360

€1,382€1,677€1,269€1,637€1,210€1,404€1,366€1,268€1,288€1,227€1,042€1,112€1,157€1,239€1,423€1,212€1,361€1,211€1,398€1,292€1,093€1,133€1,072€1,441€1,031€844€813€630€537€800€510€563€544€488€436

€2,013€2,265€1,655€2,434€1,418€1,960€1,679€1,509€1,657€1,479€1,200€1,278€1,322€1,352€1,761€1,209€1,565€1,275€1,615€1,218€1,048€1,212€1,239€1,797€1,226€963€979€771€722€888€630€657€659€617€564

**

€2,280€2,795€1,641€2,812€1,968€1,846€2,131€1,624

*€1,600€1,514€1,610€2,371€1,213€1,903

*€2,106€1,221

*€1,367€1,564€2,417€1,323€1,163€1,143€909€819

€1,104€701€774€721€666€603

***

€4,663€1,850€3,809€3,384€1,990

*€2,166

****

€3,500€1,962

******

€3,062€3,240€1,589€1,366€1,489€1,045€1,141€1,421€845

€1,024€779€715€612


Rental trends in DublinFrom Quarter 1, 2006 to Quarter 3, 2014

Rent-a-room income trends

AreaAverage

rent% Yr/yr change

Dublin City Centre

North Dublin City

South Dublin City

North Co. Dublin

South Co. Dublin

West Co. Dublin

€ 610

€ 489

€ 571

€ 448

€ 544

€ 447

10.5%

11.6%

13.5%

14.3%

11.2%

12.3%

Averagerent

% Yr/yr change

€ 494

€ 412

€ 443

€ 351

€ 470

€ 354

12.3%

15.1%

12.2%

10.4%

11.4%

22.9%

Single Room Double Room

Average rents by region, 2006-2014

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

2006Q1

2006Q3

2007Q1

2007Q3

2008Q1

2008Q3

2009Q1

2009Q3

2010Q1

2010Q3

2011Q1

2011Q3

2013Q1

2013Q3

2014Q1

2014Q3

2012Q1

2012Q3

€800

€900

€1,000

€1,100

€1,200

€1,300

€1,400

€1,500

€1,600

€1,700

West County DublinAverage rent: €1,140Quarter-on-quarter change: 1.9%Year-on-year change: 15.1%Change from trough: 26.0%

North County DublinAverage rent: €1,111Quarter-on-quarter change: 1.3%Year-on-year change: 12.3%Change from trough: 23.1%

Dublin City CentreAverage rent: €1,372Quarter-on-quarter change: 2.0%Year-on-year change: 16.6%Change from trough: 30.9%

North Dublin CityAverage rent: €1,252Quarter-on-quarter change: 1.7%Year-on-year change: 15.4%Change from trough: 28.2%

South County DublinAverage rent: €1,493Quarter-on-quarter change: 0.5%Year-on-year change: 12.1%Change from trough: 27.7%

South Dublin CityAverage rent: €1,412Quarter-on-quarter change: 1.2%Year-on-year change: 14.3%Change from trough: 29.5%

There were fewer than 27,000 properties listed to rent in Dublin in the first 9 months of 2014, compared to over 47,000 in the same period in 2011.

Rent-a-room prices across the capital are up over 10% in segments of the market, both single and double rooms.

Compared to 2007 peaks, rents are typically only 10% lower now in Dublin.

Rental inflation eased slightly in the third quarter of the year in all six parts of the capital’s rental market.


Rental trends in other citiesFrom Quarter 1, 2006 to Quarter 3, 2014

Cork City Galway City Limerick City Waterford City

Average rents by region, 2006 -2014

€500

€600

€700

€800

€900

€1,000

€1,100

€1,200

2006Q1

2006Q3

2007Q1

2007Q3

2008Q1

2008Q3

2009Q1

2009Q3

2010Q1

2010Q3

2011Q1

2011Q3

2013Q1

2013Q3

2014Q1

2014Q3

2012Q1

2012Q3


AreaAverage

rent% Yr/yr change

Averagerent

% Yr/yr change

Cork City Centre

Cork City Suburbs

Cork Commuter Towns

Galway City Centre

Galway City Suburbs

Limerick City Centre

Limerick City Suburbs

Waterford City Centre

€ 315

€ 278

€ 278

€ 327

€ 304

€ 243

€ 245

€ 269

3.6%

4.5%

0.0%

11.2%

13.0%

0.4%

7.0%

8.0%

€ 367

€ 353

€ 351

€ 375

€ 333

€ 293

€ 282

€ 274

4.6%

6.6%

10.4%

6.5%

5.4%

6.9%

4.4%

2.2%


Cork City

Galway City

Limerick CityWaterford CityAverage rent: €704

Quarter-on-quarter change: 3.2% Year-on-year change: 6.4% Change from trough: 10.4%

Average rent: €628 Quarter-on-quarter change: 3.3%Year-on-year change: 4.5% Change from trough: 6.2%

Average rent: €875 Quarter-on-quarter change: 3.6%Year-on-year change: 7.2%Change from trough: 15.0%

Average rent: €897 Quarter-on-quarter change: 3.6%Year-on-year change: 7.9%Change from trough: 14.6%

Annual inflation in rents in cities outside Dublin varied from below 5% in Waterford to almost 8% in Cork city.

In Cork and Galway cities, rents have now risen by roughly 15% compared to their lowest point in 2011.

There has been a 25% fall in listings across the four cities since 2011, although this is less than 43% fall seen in Dublin.

Particularly for double rooms, but also in some single-room segments, rent-a-room prices have increased by more than 5% in the last year.

Rental trends outside the citiesFrom Quarter 1, 2006 to Quarter 3, 2014


Average rents by region, 2006-2014

Dublin Commuter Counties West Leinster South-East Leinster Munster Connaught Ulster

€400

€500

€600

€700

€800

€900

€1,000

€1,100

2006Q1

2006Q3

2007Q1

2007Q3

2008Q1

2008Q3

2009Q1

2009Q3

2010Q1

2010Q3

2011Q1

2011Q3

2013Q1

2013Q3

2014Q1

2014Q3

2012Q1

2012Q3


AreaAverage

rent% Yr/Yr change

Averagerent

% Yr/Yr change

Dublin Comm. Counties

West Leinster

South-East Leinster

Munster

Connaught

Ulster

€ 315

€ 222

€ 289

€ 218

€ 237

€ 226

9.2%

1.3%

6.7%

-9.2%

8.4%

1.8%

€ 374

€ 263

€ 299

€ 255

€ 269

€ 235

11.0%

4.9%

4.2%

-1.1%

5.4%

0.4%


South-East LeinsterAverage rent: €630 Quarter-on-quarter change: 1.5%Year-on-year change: 4.6% Change from trough: 6.1%Munster

Average rent: €610 Quarter-on-quarter change: 1.7%Year-on-year change: 4.2% Change from trough: 5.4%

Connacht Average rent: €561 Quarter-on-quarter change: 2.4%Year-on-year change: 3.4%Change from trough: 5.1%

UlsterAverage rent: €514 Quarter-on-quarter change: 1.5%Year-on-year change: 1.1% Change from trough: 3.2%

West LeinsterAverage rent: €577 Quarter-on-quarter change: 2.3% Year-on-year change: 6.3% Change from trough: 8.9%

Dublin CommuterCountiesAverage rent: €860 Quarter-on-quarter change: 3.6% Year-on-year change: 12.0% Change from trough: 17.8%

While rent-a-room rates in Munster have fallen in the last year, elsewhere across the country they have typically risen.

Rents are now rising in year-on-year terms in all parts of the country, although the rates varies widely

Compared to two years ago, rents in the commuter counties have risen by almost 20%, while Ulster rents are up by just 3%.

There were just 3,100 properties available to rent outside the cities on November 1, compared to 13,000 four years ago

First Time Buyer and Investor Information

Can we afford it?The mortgage cost, including mortgage interest relief and income from the rent-a-room scheme, by region and bedroom number.


*1.4%-2.0%1.0%-0.5%1.3%0.4%0.6%0.5%-0.3%0.2%0.4%-1.4%0.3%-0.7%0.3%

Investor Information: Snapshot of gross yields across the country (and year on year change, in percentage points)

Location \ Bedroom # AverageYr/yr

change 1-bed 2-bed 3-bed 4-bed 5-bed

Dublin City Centre

North Dublin City

South Dublin City

North Dublin County

South Dublin County

West Dublin County

Dublin Commuter Counties

West Leinster

South-East Leinster

Munster

Cork City

Limerick City

Waterford City

Connaught/Ulster

Galway City

Average

7.3%

6.2%

6.1%

6.1%

5.2%

6.7%

5.6%

5.9%

5.6%

5.4%

6.2%

7.3%

7.4%

5.8%

6.1%

5.7%

-0.9%

-0.4%

-0.1%

-0.2%

-0.5%

-0.6%

-0.3%

0.0%

-0.3%

0.0%

-0.3%

0.5%

0.4%

0.1%

-0.9%

-0.1%

7.6%

7.4%

7.5%

8.8%

6.1%

8.4%

6.9%

7.0%

6.8%

6.3%

6.7%

8.7%

7.7%

5.4%

8.0%

6.8%

-0.3%

-1.0%

0.3%

-1.3%

-0.9%

-1.9%

-0.9%

-0.5%

-1.2%

-0.3%

-1.6%

0.8%

-0.2%

0.1%

-1.1%

-0.5%

7.1%

6.9%

6.4%

7.1%

5.8%

7.9%

7.3%

7.6%

7.6%

7.0%

8.0%

8.9%

8.4%

7.3%

6.9%

7.1%

-1.6%

-0.8%

-0.9%

0.2%

-0.3%

-0.5%

-0.4%

-0.2%

-0.3%

-0.1%

0.0%

1.0%

0.5%

0.4%

-1.2%

-0.3%

7.0%

5.8%

5.9%

6.1%

5.3%

6.6%

5.8%

7.0%

6.0%

6.2%

6.5%

7.8%

8.6%

7.3%

6.3%

6.3%

-0.2%

-0.4%

0.1%

-0.2%

-0.3%

-0.6%

-0.3%

-0.3%

-0.5%

0.0%

-0.2%

0.3%

0.3%

0.1%

-1.0%

-0.2%

*

5.5%

5.1%

4.5%

4.6%

5.5%

4.7%

5.2%

4.7%

4.4%

5.1%

5.7%

4.9%

5.4%

5.6%

5.0%

*

0.3%

0.0%

-0.3%

-0.2%

-0.2%

-0.3%

0.1%

-0.2%

0.0%

-0.5%

0.4%

0.1%

0.2%

-0.4%

0.0%

*

4.6%

7.1%

5.2%

3.7%

4.1%

4.4%

4.2%

4.9%

3.7%

4.2%

6.1%

6.6%

4.0%

5.0%

4.2%

*

0.4%

1.9%

-1.9%

-2.1%

0.2%

0.0%

0.4%

0.7%

-0.1%

-0.5%

0.8%

2.1%

-0.4%

-0.8%

0.0%

Yr/yr change

Yr/yr change

Yr/yr change

Yr/yr change

Yr/yr change

First-time buyer information: Mortgage versus rent comparison

Dublin City CentreNorth Dublin CitySouth Dublin CityNorth Dublin CountySouth Dublin CountyWest Dublin CountyCork CityGalway CityLimerick CityWaterford CityDublin Commuter CountiesWest LeinsterSouth-East LeinsterMunsterConnaught/Ulster

€690

€566

€634

€487

€813

€495

€471

€362

€260

€265

€434

€281

€317

€320

€350

€862

€708

€794

€609

€1,017

€619

€589

€452

€325

€332

€543

€351

€397

€401

€438

€1,056

€867

€1,005

€745

€1,023

€754

€641

€601

€485

€434

€596

€390

€435

€419

€395

€954

€835

€1,067

€719

€1,145

€687

€502

€582

€341

€306

€524

€320

€352

€366

€322

€1,193

€1,044

€1,335

€900

€1,432

€859

€628

€728

€426

€383

€655

€400

€440

€457

€402

€1,272

€1,045

€1,211

€898

€1,233

€909

€727

€682

€551

€492

€676

€443

€494

€469

€437

€1,279

€1,158

€1,478

€968

€1,438

€947

€709

€771

€473

€408

€731

€428

€522

€505

€415

€1,600

€1,449

€1,849

€1,211

€1,799

€1,185

€886

€964

€591

€510

€914

€535

€653

€632

€519

€1,593

€1,308

€1,516

€1,125

€1,543

€1,138

€876

€822

€664

€593

€811

€531

€592

€580

€550

*

€1,513

€2,243

€1,672

€2,357

€1,309

€1,102

€1,007

€768

€826

€1,120

€652

€784

€790

€602

*

€1,893

€2,805

€2,092

€2,948

€1,638

€1,379

€1,260

€961

€1,033

€1,400

€815

€980

€988

€752

*

€1,596

€1,849

€1,372

€1,883

€1,388

€1,019

€957

€773

€691

€916

€600

€669

€631

€585

*

€2,059

€2,523

€2,517

€4,126

€2,443

€1,590

€1,388

€819

€839

€1,519

€974

€987

€1,039

€827

*

€2,576

€3,156

€3,149

€5,161

€3,055

€1,989

€1,737

€1,025

€1,050

€1,900

€1,218

€1,234

€1,300

€1,034

*

€1,910

€2,213

€1,642

€2,253

€1,661

€1,201

€1,128

€910

€814

€984

€645

€718

€674

€644

1-bed 2-bed 3-bed 4-bed 5-bedMortgage

(4.3%)Mortgage

+2%Current

rentMortgage

(4.3%))Mortgage

+2%Current

rentMortgage

(4.3%))Mortgage

+2%Current

rentMortgage

(4.3%))Mortgage

+2%Current

rentMortgage

(4.3%))Mortgage

+2%Current

rentLocation \ Bedroom #

Current mortgage repayments based off the following parameters: 4.3% variable mortgage, for a term of 30 years, with 80% LTV.

About the Report

Over the last 10 years, Daft.ie has collected a vast amount of data on the Irish property market. In 2011 alone, more than 260,000 properties were advertised on the site.

The 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. 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 preparedfrom information that we believeis collated with care, but we do notmake any statement as to its accuracyor completeness. We reserve the rightto vary our methodology and to editor discontinue the indices, snapshotsor analysis at any time for regulatoryor other reasons. Persons seeking toplace reliance on any informationcontained in this report for their ownor third party commercial purposesdo so at their own risk.

CreditsEconomic Analysis:Ronan Lyons Marketing & Communications: Kieran Harte Layout and Design:Ciara Mulvany

All data is Copyright © Daft MediaLimited. The information contained inthis report may only be reproduced ifthe source is clearly credited.Please contact Daft.ie on 01-4218700for further information.

Coming Next…

The Daft.ie House Price Report 2014 in reviewIn early January 2015 The Daft.ie House Price Report will be published in early January 2015 and will provide a detailed regional analysis of asking prices and transaction prices as 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.

The Daft.ie Rental Report fileIntroduction by Ronan Lyons, Assistant Professor of Economics, Trinity...

Documents

Transcript of The Daft.ie Rental Report fileIntroduction by Ronan Lyons, Assistant Professor of Economics, Trinity...