The Daft.ie Rental Price Report · there is simply not enough demand for rental accommodation given...

The Daft.ie Rental Price ReportAn analysis of recent trends in the Irish rental market 2018 Q1

Introduction by Ronan Lyons, Assistant Professor at

Trinity College Dublin and author of the Daft Report.

The figures in this latest Daft.ie Report will offer little comfort to those who have to venture into the open market in search of rental accommodation. They are also unlikely to be welcome news for

policymakers. For the 23rd quarter in a row rents

have risen and – despite a nominal cap of rent

increases of 4% - the annual rate of rental inflation

has been above 10% nationwide for over two years.

Rents have now risen by 70% on average – 87% in

Dublin, 68% in the other cities and 53% elsewhere

– from their lowest point. Across the country, rents

are significantly higher than a decade ago – even

though general prices have hardly moved at all in

the same period. In Dublin rents are 30% higher

than their previous Celtic Tiger peak.

With the latest increases, the only market in the

country where rents have not yet surpassed their

Celtic Tiger peak is Donegal. There, rents are still

7% below Celtic Tiger peaks. But this is not a rare

sign of success; rather it is the threat of Brexit

weighing down on the part of the rental market

most exposed to it.

A year ago, rents in Donegal were increasing at

double-digit rates, much as elsewhere in the

country. However, since then, they have risen by

just 0.3%. Digging into the last 216 data points we

have for quarterly changes in rents – all 54 markets

over the last four quarters – in only two cases have

rents recorded a drop. Both of those were Donegal.

So the only market where rents are not increasing

is one where that’s a negative, rather than a

positive. But looking for negatives and positives in

prices is a mug’s game. That is because prices are

not ends, they are means.

The rental price of accommodation is similar to the

temperature of a patient. If the temperature is too

low – if rents are crashing – this tells us something

is wrong. In the case of falling rents, it means that

there is simply not enough demand for rental

accommodation given the supply on the market.

And if rents are rising rapidly – similar to a patient

with a temperature that is too high – this too is a

signal about an underlying problem. With rapidly

rising rents – as Ireland has experienced for over

five years now – it is clear what the problem is.

There is not enough supply given very strong

demand.

The solution to this is not to ban rents from

going up, no more than the solution to a high

temperature is to get a thermometer that only goes

to 38 degrees. The solution to a high temperature is

to find out why and give the appropriate medicine.

Policymakers need to focus on quantities, not prices

The Daft.ie Rental Price Report – 2018 Q1 | 2

Ronan Lyons, Assistant Professor of Economics at Trinity College Dublin

The solution to high rents involves only one

medicine: more supply. The graph accompanying

this piece shows the total number of properties

available on the first of each month, every year from

2012. That was the last year with anything close to

stable rents nationally – rents rose by 2.5% that year

– but since then availability has fallen by well over

80%.

The number of properties available to rent in the

first four months of 2018 was just 3,200, below both

the previous two years (3,800 and 3,900) and well

below the 16,000 in 2012. That year was far from

the peak. In 2009, an average of almost 21,000

properties were available to rent during the first four

months of the year.

The implications of all of this are obvious. By

focusing on limiting rent increases, rather than

boosting the supply of rental accommodation, policy

is merely shuffling the fixed stock of rental homes

between a number of tenants and prospective

tenants that is far larger than that stock.

Policy has, in other words, turned the rental market

into an insider-outsider system. Those in the know,

or in a sitting lease, benefit from, on average, below-

market rents and also having those rents protected

by Rent Pressure Zone rules into the future.

Those without any such in are reduced to fighting

for the scraps on the open market. If you don’t like

that outcome – and, as someone worried both about

social justice and about the country’s international

competitiveness, I certainly don’t – then the solution

is not to ban rents from going up further but to bring

about the new supply that will prevent rents from do

so.

3 | The Daft.ie Rental Price Report – 2018 Q1

11.5%(Year-on-year change in the average asking rent)

Rents Rise Nationally

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

January 127.5 137.4 119.9 103.2 99.8 99.0 102.0 109.7 120.4 132.1 148.9 164.8

February 131.5 137.4 116.8 102.3 100.6 98.8 103.3 111.1 121.7 132.4 150.7 168.3

March 133.4 135.8 114.3 102.1 100.3 98.6 103.4 112.3 122.2 133.7 151.7 170.0

April 133.8 135.2 112.3 101.5 100.2 98.4 104.0 113.3 123.2 134.5 152.5 170.5

May 134.5 133.4 110.6 101.1 100.1 98.8 103.7 114.6 124.2 138.9 154.3

June 135.1 132.0 109.1 100.5 99.8 99.0 103.6 115.3 125.2 140.4 155.7

July 135.3 132.1 107.7 100.4 100.3 99.6 105.4 116.3 126.7 140.7 157.3

August 136.4 131.2 107.3 101.4 100.3 100.6 106.7 117.3 128.3 143.7 160.1

September 136.9 130.3 106.2 101.1 99.7 100.7 107.4 118.3 129.6 145.4 160.7

October 136.6 127.5 104.7 100.7 99.1 100.7 107.9 118.8 130.2 146.5 161.3

November 136.4 123.3 102.6 99.1 98.3 101.5 107.7 119.6 129.7 148.3 163.6

December 136.6 120.1 101.7 98.9 98.7 101.2 108.3 119.9 130.5 148.3 164.4

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

The Daft.ie Rental Price Report – 2018 Q1 | 4

€1,261Average Nationwide

RentRents rise 2.8% in final quarterRents rose by 2.8% in the first three months of 2018, the 23rd consecutive quarterly increase and the largest first-quarter increase since 2014.

The Daft.ie Rental Price Report – 2018 Q1 | 65 | The Daft.ie Rental Price Report – 2018 Q1

Stock of properties to rent on Daft.ie (start of month) and flow of new properties to rent, 2006-2015

Stock Inflow Outflow

0

5,000

10,000

15,000

20,000

25,000

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

Urban centres drive rent increasesThe rate of inflation in rents in Ireland’s five cities is above 12% - roughly twice the rate of inflation seen in Connacht-Ulster (6.4%)

Stock available to rent continues to fallThere were fewer than 3,100 properties available to rent nationwide in April, down over 15% on the same date a year ago and the lowest recorded for this time of year.

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 measures of quality, such as location, or bedroom number.


Cork City€1,210 | 9.3%

Limerick City€1,044 | 17.1%

Galway City€1,131 | 13.6%

Waterford City€868 | 14.6%

NationwideAverage rental prices and Y-on-Y change

DublinAverage rental prices and Y-on-Y change

North County€1,563 | 11.9%

South County€2,052 | 9.9%

West County€1,651 | 12.6%

South City€1,992 | 11.5%

City Centre€1,923 | 13.8%

North City€1,761 | 13.4%

MN€7197.8%

CN€6707.4%

WH€85611.2%

LD€6289.8%

LH€1,12113.5%

MH€1,20911.9%

KE€1,24610.2%

WW€1,29210.6%

WX€77911.0%

CW€8469.0%

KK€8807.4%

LS€85711.5%

OY€81411.9%

G€77710.4%

MO€6547.3%

SO€6805.5%

DL€5940.3%

RN€6265.2%

LM€5455.5%

CE€75711.8%

T€7519.9%

L€77611.1%

C€89210.6%

KY€75811.9%

W€80011.0% Rents now 23% higher than their 2008 peak

The average rent nationwide has risen by 70% since

bottoming out in late 2011 and, having exceeded its 2008

peak in 2016, is now 22.5% above the previous high. In Dublin,

rents are now an average of 30% above their previous peak

while in Cork and Galway cities, rents are 20% and 34% above

levels recorded a little over a decade ago. Outside the cities,

the average rent is 13% above its previous peak.



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

Dublin 1 €1,529 10.5% €1,856 11.2% €2,303 11.5% €2,813 9.4% €3,334 12.5%

Dublin 2 €1,784 10.1% €2,119 10.1% €2,508 9.0% €2,942 9.2% €3,386 7.8%

Dublin 3 €1,484 10.2% €1,758 11.2% €2,051 12.3% €2,343 12.2% €2,432 10.8%

Dublin 4 €1,875 7.9% €2,145 7.0% €2,469 8.0% €2,751 7.7% €3,042 14.1%

Dublin 5 €1,342 13.5% €1,554 13.2% €1,832 11.6% €2,014 11.8% €2,105 8.0%

Dublin 6 €1,665 10.5% €1,928 10.2% €2,273 8.7% €2,498 8.9% €2,611 5.2%

Dublin 6W €1,478 8.9% €1,712 8.6% €2,018 7.1% €2,218 7.3% €2,319 3.7%

Dublin 7 €1,470 13.4% €1,702 13.1% €2,007 11.5% €2,206 11.7% €2,306 8.0%

Dublin 8 €1,539 12.8% €1,782 12.5% €2,101 10.9% €2,309 11.2% €2,413 7.4%

Dublin 9 €1,377 13.2% €1,595 12.9% €1,880 11.2% €2,067 11.5% €2,160 7.7%

Dublin 10 €1,259 16.0% €1,458 15.7% €1,719 14.0% €1,889 14.3% €1,975 10.5%

Dublin 11 €1,258 10.3% €1,456 10.0% €1,717 8.5% €1,887 8.7% €1,972 5.0%

Dublin 12 €1,352 13.4% €1,565 13.1% €1,846 11.5% €2,029 11.8% €2,120 8.0%

Dublin 13 €1,360 13.5% €1,574 13.2% €1,856 11.6% €2,040 11.8% €2,132 8.0%

Dublin 14 €1,483 11.1% €1,717 10.8% €2,025 9.2% €2,226 9.5% €2,326 5.8%

Dublin 15 €1,237 12.4% €1,433 12.1% €1,689 10.5% €1,856 10.7% €1,941 7.0%

Dublin 16 €1,326 8.3% €1,535 8.0% €1,810 6.4% €1,989 6.7% €2,080 3.1%

Dublin 17 €1,291 18.5% €1,495 18.2% €1,763 16.5% €1,937 16.8% €2,025 12.8%

Dublin 18 €1,480 10.6% €1,714 10.3% €2,021 8.7% €2,221 9.0% €2,322 5.3%

Dublin 20 €1,339 14.0% €1,550 13.7% €1,828 12.0% €2,009 12.3% €2,100 8.5%

Dublin 22 €1,204 11.6% €1,394 11.3% €1,644 9.7% €1,806 10.0% €1,888 6.2%

Dublin 24 €1,255 12.9% €1,453 12.6% €1,714 10.9% €1,883 11.2% €1,969 7.5%

North Co Dublin €1,158 11.1% €1,341 10.8% €1,581 9.2% €1,738 9.5% €1,816 5.8%

South Co Dublin €1,541 9.3% €1,784 9.0% €2,104 7.5% €2,312 7.7% €2,417 4.1%

West Dublin €1,190 11.9% €1,378 11.6% €1,625 10.0% €1,786 10.3% €1,867 6.6%

Cork City €913 9.2% €1,044 9.6% €1,231 8.0% €1,353 8.3% €1,415 4.6%

Galway City €834 13.5% €954 13.9% €1,125 12.3% €1,236 12.6% €1,292 8.7%

Limerick City €769 17.4% €879 17.8% €1,037 16.1% €1,139 16.4% €1,191 12.5%

Waterford City €644 15.0% €737 15.4% €869 13.7% €955 14.0% €998 10.2%


Meath €867 14.2% €1,003 13.2% €1,183 11.6% €1,300 11.9% €1,358 8.1%

Kildare €903 12.4% €1,045 11.4% €1,232 9.8% €1,354 10.1% €1,415 6.3%

Wicklow €953 13.0% €1,103 12.0% €1,300 10.4% €1,429 10.7% €1,494 6.9%

Louth €809 15.6% €936 14.6% €1,103 12.9% €1,212 13.2% €1,267 9.4%

Longford €460 12.5% €533 11.6% €628 10.0% €690 10.3% €722 6.5%

Offaly €582 14.4% €673 13.4% €794 11.8% €873 12.1% €912 8.3%

Westmeath €615 13.4% €712 12.4% €839 10.8% €922 11.1% €964 7.3%

Laois €613 13.5% €709 12.5% €836 10.9% €919 11.2% €960 7.4%

Carlow €597 11.5% €691 10.5% €815 8.9% €895 9.2% €936 5.5%

Kilkenny €622 9.5% €719 8.6% €848 7.0% €932 7.3% €974 3.6%

Wexford €560 13.4% €647 12.4% €763 10.8% €839 11.1% €877 7.3%

Waterford Co €551 14.2% €642 13.1% €757 11.4% €832 11.7% €870 7.9%

Kerry €522 15.3% €608 14.1% €717 12.5% €788 12.8% €824 8.9%

Cork Co €621 13.9% €724 12.8% €854 11.2% €938 11.5% €981 7.7%

Clare €523 15.3% €610 14.2% €720 12.5% €791 12.8% €827 9.0%

Limerick Co €523 14.6% €610 13.5% €719 11.8% €791 12.1% €826 8.3%

Tipperary €518 13.4% €604 12.3% €713 10.7% €783 11.0% €819 7.2%

Galway Co €556 11.1% €636 11.2% €750 9.6% €824 9.9% €861 6.1%

Mayo €471 8.4% €540 8.5% €636 6.9% €699 7.2% €731 3.5%

Roscommon €444 5.5% €509 5.5% €600 4.0% €659 4.3% €689 0.8%

Sligo €501 6.3% €573 6.4% €676 4.9% €743 5.1% €777 1.6%

Leitrim €411 5.8% €471 5.9% €555 4.3% €610 4.6% €638 1.1%

Donegal €428 0.7% €489 0.8% €577 -0.7% €634 -0.4% €663 -3.8%

Cavan €480 8.6% €550 8.6% €648 7.1% €712 7.4% €745 3.7%

Monaghan €526 8.3% €602 8.3% €710 6.8% €780 7.0% €815 3.4%

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Daft.ie Snapshot of Rents Nationwide What can I ask for? Can I afford it?Average monthly rents across Ireland (€), and annual change (%), 2018 Q1


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Dublin 1 8.6% 0.2% 7.0% 0.2% 6.5% 0.3% 5.7% 0.2% 5.4% 0.7%

Dublin 2 6.7% -0.9% 5.8% -0.8% 5.2% -0.4% 4.4% -0.3% 4.3% -0.3%

Dublin 3 7.4% -0.1% 6.2% 0.1% 5.3% 0.1% 4.0% 0.2% 3.4% 0.1%

Dublin 4 7.0% 0.3% 5.6% 0.0% 4.4% 0.1% 3.1% 0.1% 2.7% 0.2%

Dublin 5 8.6% 0.3% 7.4% 0.5% 6.0% 0.2% 4.2% 0.2% 3.7% 0.3%

Dublin 6 6.1% -0.4% 5.2% -0.1% 4.2% -0.2% 2.9% -0.2% 2.6% 0.0%

Dublin 6W 6.8% -0.2% 5.8% 0.0% 4.7% -0.1% 3.3% -0.1% 3.0% 0.1%

Dublin 7 8.4% -0.4% 7.1% -0.1% 5.8% -0.2% 4.1% -0.1% 3.6% 0.0%

Dublin 8 8.6% -0.5% 7.3% -0.2% 5.9% -0.3% 4.1% -0.2% 3.7% -0.1%

Dublin 9 8.4% 0.1% 7.2% 0.3% 5.9% 0.1% 4.1% 0.1% 3.7% 0.2%

Dublin 10 11.5% -0.4% 9.8% 0.1% 8.0% -0.2% 5.6% -0.1% 5.0% 0.1%

Dublin 11 10.0% -0.1% 8.6% 0.2% 6.9% 0.0% 4.9% 0.0% 4.3% 0.2%

Dublin 12 9.5% 0.0% 8.1% 0.3% 6.6% 0.0% 4.6% 0.0% 4.1% 0.2%

Dublin 13 8.4% 0.2% 7.1% 0.4% 5.8% 0.2% 4.1% 0.1% 3.6% 0.3%

Dublin 14 7.2% -0.1% 6.1% 0.2% 5.0% 0.0% 3.5% 0.0% 3.1% 0.1%

Dublin 15 9.6% 0.1% 8.2% 0.4% 6.7% 0.1% 4.7% 0.1% 4.2% 0.2%

Dublin 16 7.4% -0.3% 6.3% 0.0% 5.1% -0.2% 3.6% -0.1% 3.2% 0.0%

Dublin 17 11.0% -0.1% 9.4% 0.3% 7.6% 0.0% 5.3% 0.0% 4.8% 0.2%

Dublin 18 7.5% 0.1% 6.4% 0.4% 5.2% 0.1% 3.7% 0.1% 3.3% 0.2%

Dublin 20 9.2% 0.5% 7.9% 0.7% 6.4% 0.4% 4.5% 0.3% 4.0% 0.4%

Dublin 22 11.3% 0.0% 9.7% 0.4% 7.8% 0.1% 5.5% 0.1% 4.9% 0.2%

Dublin 24 11.0% 0.0% 9.4% 0.4% 7.6% 0.1% 5.3% 0.1% 4.8% 0.2%

North Co Dublin 9.0% 0.1% 7.7% 0.4% 6.2% 0.1% 4.4% 0.1% 3.9% 0.2%

South Co Dublin 6.6% -0.1% 5.6% 0.1% 4.5% 0.0% 3.2% 0.0% 2.8% 0.1%

West Dublin 9.6% 0.2% 8.2% 0.5% 6.6% 0.2% 4.6% 0.1% 4.2% 0.3%

Cork City 9.8% -0.3% 8.4% 0.4% 6.5% 0.2% 4.4% 0.4% 3.7% 0.2%

Galway City 9.3% -0.1% 7.9% 0.5% 6.1% 0.4% 4.1% 0.5% 3.5% 0.3%

Limerick City 11.6% 0.3% 9.9% 1.0% 7.6% 0.7% 5.2% 0.8% 4.3% 0.5%

Waterford City 11.0% -0.4% 9.5% 0.4% 7.3% 0.2% 4.9% 0.5% 4.1% 0.2%


Meath 10.7% 0.3% 9.4% 0.5% 7.9% 0.4% 4.6% 0.3% 4.5% 0.4%

Kildare 10.3% 0.1% 9.1% 0.3% 7.6% 0.2% 4.4% 0.2% 4.3% 0.3%

Wicklow 8.8% -0.2% 7.7% 0.0% 6.4% 0.0% 3.7% 0.1% 3.7% 0.1%

Louth 11.2% 0.4% 9.8% 0.6% 8.2% 0.5% 4.8% 0.3% 4.7% 0.4%

Longford 11.8% -0.4% 10.3% -0.1% 8.6% -0.1% 5.0% 0.0% 4.9% 0.1%

Offaly 10.3% 0.0% 9.1% 0.2% 7.6% 0.2% 4.4% 0.2% 4.3% 0.2%

Westmeath 10.1% -0.1% 8.9% 0.2% 7.4% 0.1% 4.3% 0.1% 4.2% 0.2%

Laois 11.2% 0.3% 9.8% 0.5% 8.2% 0.4% 4.8% 0.3% 4.7% 0.4%

Carlow 10.7% 0.0% 9.3% 0.2% 7.8% 0.2% 4.6% 0.2% 4.4% 0.2%

Kilkenny 9.3% -0.2% 8.2% 0.1% 6.8% 0.0% 4.0% 0.1% 3.9% 0.1%

Wexford 9.3% 0.1% 8.2% 0.3% 6.9% 0.2% 4.0% 0.2% 3.9% 0.2%

Waterford Co 8.2% -0.4% 8.1% 0.5% 6.5% 0.3% 3.6% 0.0% 3.8% 0.4%

Kerry 8.9% -0.4% 8.9% 0.6% 7.1% 0.3% 4.0% 0.0% 4.1% 0.4%

Cork Co 8.9% -0.5% 8.8% 0.5% 7.1% 0.3% 3.9% -0.1% 4.1% 0.4%

Clare 9.3% -0.4% 9.2% 0.6% 7.4% 0.4% 4.1% 0.0% 4.3% 0.5%

Limerick Co 9.9% -0.5% 9.8% 0.6% 7.8% 0.3% 4.4% -0.1% 4.5% 0.4%

Tipperary 9.7% -0.5% 9.6% 0.6% 7.7% 0.4% 4.3% 0.0% 4.5% 0.4%

Galway Co 11.0% -0.4% 9.6% -0.3% 7.8% -0.2% 4.5% -0.1% 4.4% 0.1%

Mayo 11.1% 0.2% 9.7% 0.2% 7.9% 0.2% 4.6% 0.2% 4.4% 0.4%

Roscommon 12.2% -0.3% 10.7% -0.2% 8.7% -0.2% 5.0% 0.0% 4.9% 0.2%

Sligo 12.0% -0.2% 10.5% -0.1% 8.5% -0.1% 4.9% 0.0% 4.8% 0.2%

Leitrim 11.5% 0.0% 10.1% 0.1% 8.2% 0.1% 4.7% 0.1% 4.6% 0.3%

Donegal 11.0% -0.1% 9.7% 0.0% 7.9% 0.0% 4.5% 0.1% 4.4% 0.3%

Cavan 11.9% 0.2% 10.5% 0.2% 8.5% 0.2% 4.9% 0.2% 4.7% 0.4%

Monaghan 11.1% 0.0% 9.8% 0.0% 8.0% 0.0% 4.6% 0.1% 4.4% 0.3%

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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), 2018 Q1.


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Mortgage (4.3%)

Mortgage+2%

Rent Mortgage (4.3%)

Mortgage+2%


Mortgage+2%


Mortgage+2%


Mortgage+2%

Rent

Dublin 1 €844 €1,064 €1,529 €1,252 €1,577 €1,856 €1,672 €2,107 €2,303 €2,327 €2,932 €2,813 €2,932 €3,695 €3,334

Dublin 2 €1,253 €1,578 €1,784 €1,732 €2,183 €2,119 €2,266 €2,855 €2,508 €3,189 €4,019 €2,942 €3,716 €4,682 €3,386

Dublin 3 €948 €1,194 €1,484 €1,334 €1,681 €1,758 €1,837 €2,315 €2,051 €2,735 €3,446 €2,343 €3,373 €4,251 €2,432

Dublin 4 €1,268 €1,597 €1,875 €1,804 €2,274 €2,145 €2,663 €3,356 €2,469 €4,226 €5,325 €2,751 €5,276 €6,649 €3,042

Dublin 5 €736 €928 €1,342 €998 €1,258 €1,554 €1,450 €1,827 €1,832 €2,280 €2,874 €2,014 €2,666 €3,359 €2,105

Dublin 6 €1,294 €1,630 €1,665 €1,754 €2,211 €1,928 €2,548 €3,211 €2,273 €4,008 €5,050 €2,498 €4,684 €5,903 €2,611

Dublin 6W €1,025 €1,292 €1,478 €1,390 €1,752 €1,712 €2,019 €2,545 €2,018 €3,176 €4,002 €2,218 €3,712 €4,677 €2,319

Dublin 7 €831 €1,047 €1,470 €1,126 €1,419 €1,702 €1,636 €2,061 €2,007 €2,573 €3,242 €2,206 €3,007 €3,789 €2,306

Dublin 8 €850 €1,071 €1,539 €1,152 €1,452 €1,782 €1,674 €2,110 €2,101 €2,633 €3,317 €2,309 €3,077 €3,878 €2,413

Dublin 9 €770 €970 €1,377 €1,044 €1,316 €1,595 €1,517 €1,911 €1,880 €2,385 €3,006 €2,067 €2,788 €3,514 €2,160

Dublin 10 €518 €653 €1,259 €702 €885 €1,458 €1,020 €1,286 €1,719 €1,605 €2,022 €1,889 €1,876 €2,363 €1,975

Dublin 11 €593 €747 €1,258 €804 €1,013 €1,456 €1,168 €1,472 €1,717 €1,837 €2,315 €1,887 €2,147 €2,705 €1,972

Dublin 12 €676 €852 €1,352 €916 €1,155 €1,565 €1,331 €1,677 €1,846 €2,093 €2,638 €2,029 €2,447 €3,083 €2,120

Dublin 13 €768 €968 €1,360 €1,041 €1,312 €1,574 €1,513 €1,906 €1,856 €2,379 €2,997 €2,040 €2,780 €3,504 €2,132

Dublin 14 €976 €1,230 €1,483 €1,324 €1,668 €1,717 €1,923 €2,423 €2,025 €3,023 €3,810 €2,226 €3,534 €4,453 €2,326

Dublin 15 €608 €766 €1,237 €825 €1,039 €1,433 €1,198 €1,510 €1,689 €1,884 €2,374 €1,856 €2,202 €2,775 €1,941

Dublin 16 €843 €1,063 €1,326 €1,144 €1,441 €1,535 €1,661 €2,094 €1,810 €2,613 €3,292 €1,989 €3,054 €3,848 €2,080

Dublin 17 €556 €701 €1,291 €754 €950 €1,495 €1,095 €1,380 €1,763 €1,722 €2,170 €1,937 €2,013 €2,537 €2,025

Dublin 18 €928 €1,169 €1,480 €1,258 €1,585 €1,714 €1,828 €2,303 €2,021 €2,874 €3,621 €2,221 €3,359 €4,233 €2,322

Dublin 20 €685 €863 €1,339 €929 €1,171 €1,550 €1,349 €1,700 €1,828 €2,122 €2,674 €2,009 €2,480 €3,126 €2,100

Dublin 22 €502 €633 €1,204 €681 €858 €1,394 €989 €1,247 €1,644 €1,556 €1,961 €1,806 €1,819 €2,292 €1,888

Dublin 24 €538 €678 €1,255 €729 €919 €1,453 €1,059 €1,335 €1,714 €1,666 €2,099 €1,883 €1,947 €2,454 €1,969

North Co Dublin €608 €766 €1,158 €824 €1,039 €1,341 €1,197 €1,509 €1,581 €1,883 €2,373 €1,738 €2,201 €2,774 €1,816

South Co Dublin €1,110 €1,398 €1,541 €1,504 €1,896 €1,784 €2,185 €2,754 €2,104 €3,437 €4,331 €2,312 €4,017 €5,062 €2,417

West Dublin €586 €739 €1,190 €795 €1,002 €1,378 €1,155 €1,455 €1,625 €1,816 €2,289 €1,786 €2,123 €2,675 €1,867

Cork City €439 €554 €913 €585 €738 €1,044 €899 €1,133 €1,231 €1,454 €1,832 €1,353 €1,810 €2,280 €1,415

Galway City €426 €536 €834 €567 €715 €954 €872 €1,098 €1,125 €1,409 €1,776 €1,236 €1,754 €2,210 €1,292

Limerick City €314 €396 €769 €419 €528 €879 €644 €811 €1,037 €1,041 €1,311 €1,139 €1,295 €1,632 €1,191

Waterford City €276 €348 €644 €368 €464 €737 €565 €713 €869 €914 €1,152 €955 €1,138 €1,434 €998

DU

BLIN

To buy or to rent?Using the Daft.ie House Price 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: 3.75% 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, 2018 Q1.


ULS

TER


Mortgage (4.3%)

Mortgage+2%


Mortgage+2%


Mortgage+2%


Mortgage+2%


Mortgage+2%

Rent

Meath €382 €481 €867 €504 €635 €1,003 €709 €893 €1,183 €1,339 €1,687 €1,300 €1,434 €1,806 €1,358

Kildare €412 €519 €903 €545 €686 €1,045 €766 €965 €1,232 €1,447 €1,823 €1,354 €1,549 €1,951 €1,415

Wicklow €514 €648 €953 €680 €857 €1,103 €955 €1,204 €1,300 €1,805 €2,275 €1,429 €1,932 €2,435 €1,494

Louth €342 €431 €809 €452 €570 €936 €636 €801 €1,103 €1,201 €1,514 €1,212 €1,286 €1,621 €1,267

Longford €185 €233 €460 €244 €308 €533 €343 €432 €628 €648 €817 €690 €694 €875 €722

Offaly €266 €335 €582 €351 €443 €673 €494 €622 €794 €933 €1,175 €873 €999 €1,258 €912

Westmeath €287 €362 €615 €379 €478 €712 €533 €672 €839 €1,008 €1,270 €922 €1,079 €1,359 €964

Laois €258 €325 €613 €341 €430 €709 €479 €604 €836 €905 €1,141 €919 €969 €1,221 €960

Carlow €265 €334 €597 €350 €441 €691 €492 €620 €815 €929 €1,171 €895 €995 €1,253 €936

Kilkenny €315 €397 €622 €416 €525 €719 €585 €737 €848 €1,105 €1,393 €932 €1,183 €1,491 €974

Wexford €283 €356 €560 €374 €471 €647 €525 €662 €763 €992 €1,251 €839 €1,062 €1,339 €877

Waterford Co €318 €400 €551 €373 €471 €642 €550 €693 €757 €1,084 €1,366 €832 €1,088 €1,372 €870

Kerry €276 €347 €522 €324 €409 €608 €477 €602 €717 €941 €1,186 €788 €945 €1,191 €824

Cork Co €329 €414 €621 €387 €487 €724 €569 €718 €854 €1,122 €1,414 €938 €1,127 €1,420 €981

Clare €265 €334 €523 €312 €393 €610 €460 €579 €720 €906 €1,142 €791 €910 €1,147 €827

Limerick Co €251 €316 €523 €295 €371 €610 €434 €547 €719 €855 €1,078 €791 €859 €1,082 €826

Tipperary €253 €318 €518 €297 €374 €604 €437 €551 €713 €862 €1,087 €783 €866 €1,091 €819

Galway Co €239 €301 €556 €311 €392 €636 €452 €570 €750 €863 €1,087 €824 €933 €1,176 €861

Mayo €201 €254 €471 €262 €330 €540 €380 €479 €636 €726 €915 €699 €785 €989 €731

Roscommon €172 €217 €444 €224 €282 €509 €325 €409 €600 €619 €781 €659 €670 €844 €689

Sligo €198 €249 €501 €258 €325 €573 €374 €471 €676 €714 €899 €743 €772 €973 €777

Leitrim €170 €214 €411 €221 €278 €471 €321 €404 €555 €611 €770 €610 €661 €833 €638

Donegal €183 €231 €428 €239 €301 €489 €347 €437 €577 €661 €834 €634 €716 €902 €663

Cavan €190 €240 €480 €248 €312 €550 €359 €453 €648 €686 €864 €712 €742 €935 €745

Monaghan €223 €281 €526 €290 €365 €602 €421 €530 €710 €803 €1,012 €780 €869 €1,094 €815

LEIN

STER

MU

NST

ERCO

NN

ACH

T

To buy or to rent?Using the Daft.ie House Price 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: 3.75% 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, 2018 Q1.

DublinRents continue double-digit rises

North CityAverage price: €334,882Qtr-on-qtr change: 1.7%Year-on-year change: 8.1%Change from trough: 69.9%

City CentreAverage price: €325,671Qtr-on-qtr change: 3.1%Year-on-year change: 15.3%Change from trough: 94.2%

South CityAverage price: €404,688Qtr-on-qtr change: 2.5%Year-on-year change: 8.3%Change from trough: 66.3%

North CountyAverage price: €311,658Qtr-on-qtr change: 1.4%

Year-on-year change: 6.4%Change from trough: 52.9%

West CountyAverage price: €306,747Qtr-on-qtr change: 0.8%


South CountyAverage price: €587,609Qtr-on-qtr change: 4.1%


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

Q12006

Q12007

Q12008

Q12009

Q12010

Q12011

Q12012

Q12013

Q12014

Q12015

€1,800

€1,700

€1,600

€1,500

€1,400

€1,300

€1,200

€1,100

€1,000

€900

€800

Average rental price by area, 2006-2018.

Q12016

Q12018

€1,900

Q12017

€2,000

€2,100

Dublin Trends Q1 2018


Rents double in D7, D8In Dublin 7 and Dublin 8, rents are now over 100%

higher than their lowest point earlier in the decade -

the citywide average is 87%.

Stock on market down over 10%There were just 1,250 properties available to rent in

Dublin in April, 11% lower than on the same date in

2017.

Room costs continue to riseThe cost of a single or double room in Dublin was

almost 7% higher in March 2018 than a year earlier.

Inflation rises to 12%Rents in Dublin were 12.4% higher in the first three

months of 2018 than a year earlier - the eight quarter

of double-digit increases.

Double BedRENTAL AREAS

Dublin City CentreNorth Dublin CitySouth Dublin CityNorth Co. DublinSouth Co. DublinWest Co. Dublin

AVG. RENT

€ 654€ 525€ 557€ 474€ 554€ 483

YR/YR CHANGE

7.6%7.6%4.1% 9.2%5.3%7.3%

AVG. RENT

€ 771€ 652€ 718€ 585€ 688€ 597

YR/YR CHANGE

8.0%8.3%

5.1%7.3%6.5%5.7%

Single Bed

Rent-a-Room Trends Q1 2018

North CityAverage rent: €1,761Qtr-on-qtr: 3.0%Year-on-year: 13.4%Change from trough: 89.2%

City CentreAverage rent: €1,923Qtr-on-qtr: 2.9%Year-on-year: 13.8%Change from trough: 95.9%

South CityAverage rent: €1,992Qtr-on-qtr: 2.7%Year-on-year: 11.5%Change from trough: 83.7%

North CountyAverage rent: €1,563

Qtr-on-qtr: 2.9%Year-on-year: 11.9%

Change from trough: 81.8%

West CountyAverage rent: €1,651



South CountyAverage rent: €2,052



LeinsterStrong rises across the province

LouthAverage Price: €210,074Qtr-on-qtr change: 2.1%Year-on-year change: 7.1%Change from trough: 64.7%

MeathAverage Price: €251,156Qtr-on-qtr change: 2.1%Year-on-year change: 5.5%Change from trough: 67.3%

KildareAverage Price: €256,392Qtr-on-qtr change: 2.5%Year-on-year change: 6.4%Change from trough: 63.5%

WicklowAverage Price: €324,674Qtr-on-qtr change: 3.4%Year-on-year change: 10.0%Change from trough: 59.7%

WexfordAverage Price: €199,647Qtr-on-qtr change: 3.6%Year-on-year change: 6.9%Change from trough: 59.8%

LongfordAverage Price: €129,493Qtr-on-qtr change: 0.6%


WestmeathAverage Price: €188,567Qtr-on-qtr change: 2.9%


OffalyAverage Price: €176,612Qtr-on-qtr change: 4.0%


LaoisAverage Price: €165,550Qtr-on-qtr change: 4.9%


KilkennyAverage Price: €213,874Qtr-on-qtr change: 3.4%


CarlowAverage Price: €175,523Qtr-on-qtr change: 0.8%

Year-on-year change: 6.5%From trough: 50.0%

Dublin Commuter Counties West Leinster South-East Leinster

€1,100

€1,000

€900

€800

€700

€600

€500

€400

Average rental prices by area, 2006-2018.

Q12006

Q12007

Q12008

Q12009

Q12010

Q12011

Q12012

Q12013

Q12014

Q12015

Q12016

Q12018

€1,200

Q12017

Leinster Trends Q1 2018 €1,200


Differences across provinceWhile rents in Carlow and Wexford have increased

by less than 45% since 2011, rents in Meath are up by

almost 90% in the same period.

630 homes on the marketThere were just 635 properties available to rent in

Leinster outside Dublin in April, 14% lower than the

same date in 2017

Room costs rise over 10%The cost of a single or double room in Leinster was over

10% higher in March 2018 than a year earlier.

Rents rise 3% in Q1Rents in Leinster, outside Dublin, were 3% higher in

2018Q1 than the previous quarter, with strong agains in

each county across the province.


Dublin Commuter CountiesWest LeinsterSouth East Leinster

AVG. RENT

€ 419€ 315€ 344

YR/YR CHANGE

12.6% 19.6%

10.2%

AVG. RENT

€ 491€ 348€ 391

YR/YR CHANGE

8.5%5.3%8.5%

Single Bed


LouthAverage rent: €1,121Qtr-on-qtr: 3.2%Year-on-year: 13.5%Change from trough: 83.6%

MeathAverage rent: €1,209Qtr-on-qtr: 3.3%Year-on-year: 11.9%Change from trough: 87.2%

KildareAverage rent: €1,246Qtr-on-qtr: 2.8%Year-on-year: 10.2%Change from trough: 77.4%

WicklowAverage rent: €1,292Qtr-on-qtr: 2.8%Year-on-year: 10.6%Change from trough: 67.3%

WexfordAverage rent: €779Qtr-on-qtr: 3.0%Year-on-year: 11.0%Change from trough: 43.9%

LongfordAverage rent: €628



WestmeathAverage rent: €856



OffalyAverage rent: €814



LaoisAverage rent: €857



KilkennyAverage rent: €880



CarlowAverage rent: €846



MunsterLarge increases in early 2018

TipperaryAverage Price: €165,729Qtr-on-qtr change: 3.9%Year-on-year change: 7.4%Change from trough: 30.3%

Limerick CityAverage Price: €180,670Qtr-on-qtr change: 2.1%Year-on-year change: 3.7%Change from trough: 52.1%

Waterford CountyAverage Price: €210,728Qtr-on-qtr change: 3.9%Year-on-year change: 8.8%Change from trough: 46.6%

Waterford CityAverage Price: €164,930Qtr-on-qtr change: 2.4%Year-on-year change: 7.5%Change from trough: 57.4%

ClareAverage Price: €170,957Qtr-on-qtr change: 3.9%


Limerick CountyAverage Price: €173,256Qtr-on-qtr change: 2.0%


KerryAverage Price: €185,744Qtr-on-qtr change: 4.0%


Cork CountyAverage Price: €213,228Qtr-on-qtr change: 2.9%


Cork CityAverage Price: €261,494Qtr-on-qtr change: 0.3%


Cork City Limerick City Waterford City Rest-of-Munster

€1,100

€1,000

€900

€800

€700

€600

€500

€400


Q12006

Q12007

Q12008

Q12009

Q12010

Q12011

Q12012

Q12013

Q12014

Q12015

Q12016

Q12017

€1,200

Q12018

Munster Trends Q1 2018€1,300


Strong urban gainsWhile most of the province is witnessing rental inflation close to

10%, Limerick (17%) and Waterford (15%) have seen far larger

increases.

700 homes on the marketFewer than 700 homes were available to rent in Munster

in April, 20% lower than the same period in 2017.

Room costs rise againAnnual inflation in the region’s room costs in early

2018 was close to 10% - and higher in Limerick.

Rents rise 3.4% in Q1Rents in Munster were an average of 3.4% higher in the

first quarter of 2018 than the previous quarter, one of

the largest 3-month gains since rents bottomed out.


Cork City Centre Cork City Suburbs Cork Commuter Towns Limerick City Centre Limerick City Suburbs Waterford City Centre Rest of Munster

AVG. RENT

€ 450€ 379€ 369€ 340€ 321€ 317€ 303

YR/YR CHANGE

4.9%7.4%5.7%

16.4%12.2%

9.3%14.7%

AVG. RENT

€ 520€ 469€ 448€ 408€ 386€ 354€ 332

YR/YR CHANGE

5.3% 7.6%

3.2% 14.0%

11.9% 7.3%

8.3%

Single Bed


TipperaryAverage rent: €751Qtr-on-qtr: 3.3%Year-on-year: 9.9%Change from trough: 33.2%

Limerick CityAverage rent: €1,044Qtr-on-qtr: 4.0%Year-on-year: 17.1%Change from trough: 71.7%

Waterford CountyAverage rent: €800Qtr-on-qtr: 4.0%Year-on-year: 11.0%Change from trough: 40.6%

Waterford CityAverage rent: €868Qtr-on-qtr: 3.9%Year-on-year: 14.6%Change from trough: 54.6%

Cork CityAverage rent: €1,210



ClareAverage rent: €757



Limerick CountyAverage rent: €776



KerryAverage rent: €758



Cork CountyAverage rent: €892



Connacht/UlsterMore modest rises

LeitrimAverage Price: €123,534Qtr-on-qtr change: 2.7%Year-on-year change: 2.0%Change from trough: 43.8%

MonaghanAverage Price: €164,188Qtr-on-qtr change: 0.0%Year-on-year change: 5.8%Change from trough: 43.9%

CavanAverage Price: €147,656Qtr-on-qtr change: 2.9%Year-on-year change: 3.6%Change from trough: 43.7%

RoscommonAverage Price: €133,673Qtr-on-qtr change: 3.5%Year-on-year change: 4.4%Change from trough: 45.9%

DonegalAverage Price: €139,352Qtr-on-qtr change: 1.4%

Year-on-year change: -2.1%Change from trough: 22.6%

SligoAverage Price: €133,305Qtr-on-qtr change: 1.8%


MayoAverage Price: €145,386Qtr-on-qtr change: 4.1%


Galway CityAverage Price: €273,466Qtr-on-qtr change: 0.1%


Galway CountyAverage Price: €193,703Qtr-on-qtr change: 5.2%



Galway City Connacht Ulster

€900

€850

€800

€750

€700

€650

€600

€550

€500

€450

€400Q1

2006Q1

2007Q1

2008Q1

2009Q1

2010Q1

2011Q1

2012Q1

2013Q1

2014Q1

2015Q1

2016Q1

2018

€950

€1000

€1050

Q12017

€1100

Connacht/Ulster Trends Q1 2018€1150


Fall in DonegalThe only part of the country to record a quarterly

fall in rents is Donegal - where rents are now largely

unchanged from a year ago (0.3% higher).

Below 500 homes on the market There were fewer than 500 homes available to rent in

Connacht and Ulster in April, a fall of 30% on a year

previously and the lowest total since January 2007.

Room costs rise againAnnual inflation in the region’s room costs in early

2018 was close to 9% - although lower in central

Galway.

Easing in inflationUnlike most of the rest of the country, rental inflation in

Connacht-Ulster eased back in Q1 - from a high of 12%

a year ago to 6.4% now.


Galway City Centre Galway City Suburbs Rest of ConnachtUlster (ROI)

AVG. RENT

€ 388€ 373€ 293€ 280

YR/YR CHANGE

3.5%10.4%9.5%

12.0%

AVG. RENT

€ 466€ 438€ 321€ 306

YR/YR CHANGE

5.7% 8.1%

11.2% 8.5%

Single Bed


DonegalAverage rent: €594

Qtr-on-qtr: -0.8%Year-on-year: 0.3%


SligoAverage rent: €680



MayoAverage rent: €654



Galway CityAverage rent: €1,131



Galway CountyAverage rent: €777



LeitrimAverage rent: €545Qtr-on-qtr: 0.5%Year-on-year: 5.5%Change from trough: 32.4%

MonaghanAverage rent: €719Qtr-on-qtr: 0.8%Year-on-year: 7.8%Change from trough: 39.2%

CavanAverage rent: €670Qtr-on-qtr: 1.1%Year-on-year: 7.4%Change from trough: 42.1%

RoscommonAverage rent: €626Qtr-on-qtr: 0.2%Year-on-year: 5.2%Change from trough: 27.0%

Over the last number of years, Daft.ie has collected a vast amount of data on the Irish property market. Each year tens of thousands of properties for sale or rent are advertised on the site.About the Report

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.

This is the Daft.ie Rental Price Report, the partner

to the Daft.ie House Price Report, which will be

issued in April. 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 an essential barometer

for anyone with an interest in the Irish property

market.

The Daft Report was first 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.

Methodology and Sample Size

The 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.

About Daft.ie

Daft.ie is Ireland’s largest property website with

over 2.5 million unique users of the site generating

over 228 million page views each month.

Disclaimer

The 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.

Credits

Economic Analysis: Ronan Lyons

Marketing and Communications: Martin Clancy

Layout and Design: William Tector


Coming next:

The Daft.ie House Price Report2018 Q2The Daft.ie House Price Report will be published in early July 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 [email protected] for further information.

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