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Rental prices in Ireland recorded a significant increase of 4.4% in the first quarter compared to the previous three months, marking the steepest quarterly rise since data tracking began in 2002. The increase comes after recent changes to the country’s rent control system, which appear to have allowed landlords to reset rents to market levels at the end of tenancies. Annual rents were 7.8% higher at the end of March and remain far above pre-pandemic levels. Supply constraints continue, even as listings rise in several cities following the regulatory update.
Rental prices in Ireland have risen sharply by 4.4% in the first quarter compared to the previous three months, marking the highest quarterly increase recorded since 2002, according to data from the country’s largest property listings platform Daft.ie. Advertisement
The rise has been linked to recent adjustments in rent control rules introduced by the government. These changes appear to have enabled landlords to reset rents closer to market levels once tenancy periods ended. Ronan Lyons, professor of economics at Trinity College Dublin, who analyses the Daft.ie data, observed that landlords widely took advantage of this opportunity to adjust rents following the regulatory update.
The quarterly increase of 4.4% surpassed the previous high of 3.7% recorded in 2022. On an annual basis, rents were 7.8% higher at the end of March compared to a year earlier. Overall, rental prices remain around 40% above pre-pandemic levels and about 75% higher than the peak seen during the Celtic Tiger period in the early 2000s.
In Dublin, the average rent for a two-bedroom apartment increased by 6.9% year-on-year to EUR 2,600. In other cities, Cork recorded an average rent of EUR 2,120 with a 13.3% annual rise, while Galway saw average rents at EUR 2,290, reflecting an 18.4% increase.
Market activity also showed changes in supply. Listings have increased since the new rules were implemented, with availability in Dublin still remaining tight. However, the number of available rental homes in four other major cities has nearly doubled since the beginning of the year.
Lyons noted that this increase in listings may be linked to timing, as some landlords appear to have delayed putting properties on the market until after the regulatory changes came into effect in March. He also highlighted that overall supply remains constrained, currently only slightly above half of the average levels seen between 2015 and 2019.
He further explained that the policy objective of improving affordability and increasing supply depends largely on new rental housing being built. As construction activity typically takes years to translate into completed homes, the full impact of the recent rule changes will take time to become clear.
Source Reuters
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