Renting Crisis in Ireland: Monthly Rents Soar to €9,000

Ireland’s rental market is facing a significant crisis, with new data revealing soaring costs and dwindling availability. According to figures from Daft.ie, the average open-market rent has climbed to over €2,000 per month, highlighting the challenges facing young people, families, and students across the country. As of August 1, 2023, there were just under 2,300 homes available to rent, a decline of 14 percent compared to the previous year and nearly half the average availability recorded between 2015 and 2019.

The average rent for the period between April and June of this year reached €2,055, marking a staggering increase from a low of just €765 in 2011 and a 51 percent rise since the onset of the COVID-19 pandemic. This trend reflects a broader issue in Ireland’s housing market, where demand significantly outstrips supply.

Record Highs in Dublin and Beyond

The most expensive rental property in Ireland is located in Dublin, where a five-bedroom, seven-bathroom residence in Ballsbridge commands a monthly rent of €16,300. Other notable examples include a two-bedroom, two-bathroom flat in Blackrock priced at €3,295, and a one-bedroom, one-bathroom apartment in Howth listed for €2,150. In South Dublin, a three-bedroom flat in Killiney comes with a hefty rent of €4,750.

Following Dublin, Westmeath takes the second spot with a six-bedroom, five-bathroom home in Moate, renting for €10,000 per month. This property includes expansive grounds and various amenities, underscoring the premium placed on larger homes amid the current crisis.

In Meath, a five-bedroom, five-bathroom property in Dunsany is listed for nearly €9,000 monthly. Meanwhile, in Offaly, a historical ten-bedroom, four-bathroom home known as Bellair House has a rental price of €6,500.

Regional Variations in Rental Prices

As the rental crisis deepens, other counties are also witnessing steep prices. For instance, a six-bedroom, three-bathroom home in Kildare is available for €6,000, while in Wicklow, a four-bedroom, five-bathroom residence near Delgany Village costs €5,500.

In Galway, the most expensive rental is a four-bedroom, five-bathroom property in Clarinbridge at €5,000 per month. Other notable rentals in the area include a two-bedroom, two-bathroom apartment in Bohermore listed for €2,350.

In Cork, a four-bedroom, four-bathroom house in Glanmire is priced at €4,500, while a three-bedroom, two-bathroom flat in the city centre costs €3,300. Similarly, in Limerick, the most expensive property, a five-bedroom, four-bathroom home in Castletroy, is available for €4,000 monthly.

The rising rental prices reflect a broader housing crisis in Ireland, with the government facing increasing pressure to address the issue. As the market continues to tighten, many residents are left grappling with the reality of unaffordable housing options.