Rent rose by an average of 1.8% across Ireland in quarter three of 2023, compared to the second quarter, according to the latest DAFT.ie report.
According to the report, the Irish rental market “has emerged slightly from its worst shortages of the post-lockdown period.”
Dublin has fared better than the other major Irish cities, with a quarterly increase of 0.4%, and an increase of 4.3% compared to this time last year.
This marks the capitals lowest inflation rate in two years, which is credited to an improved supply.
There were almost 1,000 homes available to rent in Dublin on November 1st, compared to fewer than 350 on the same date last year – but still below the 2015-2019 average of almost 1,500.
The cost of renting a room in Dublin was just under 6% higher on average in the third quarter of 2023 compared to last year.
Leinster (not including Dublin)
Elsewhere across Leinster, market rents rose by 1.8% on average outside Dublin in the third quarter of 2023, the thirteenth consecutive quarterly increase for the region.
Leinster has seen a 7.8% increase compared to a year ago, the slowest rate of increase in two years.
There were almost 300 homes for rent in Leinster (outside Dublin) on November 1st, up 17% from 2022 but still below the 2015-2019 average of almost 800. Renting a room in Leinster was roughly 7% higher on average in Q3 this year.
Market rents rose by 3% on average in Munster in the third quarter of 2023, the eighth time in 12 quarters where rents increased by 3% or more.
Compared to a year ago, market rents in Munster are 13% higher – the highest rate of inflation in two years.
There were just over 250 homes listed for rent in Munster on November 1st, down slightly on the same date a year ago and still less than one third of the 2015-2019 average (of 800).
The cost of renting a room in Munster was almost 14% higher on average in the third quarter of 2023 than a year earlier.
Following their 6% jump in Q2, market rents in Connacht-Ulster rose a further 2.2% in Q3, the thirteenth quarterly increase in a row.
Compared to a year ago, market rents in Connacht-Ulster are 16.1% higher – the tenth quarter in a row of double digit increases.
There were almost 280 homes listed for rent in Connacht-Ulster on November 1st, up 27% on the same date a year ago but still well below half the 2015-2019 average (of 630).
The cost of renting a room in Connacht-Ulster was almost 16% higher on average in the third quarter of 2023 than at the same time in 2022.
On average, rents for sitting tenants have increased 2.8% each year over the last decade, compared to 7.4% for market tenants during the same period.
Sitting tenants in Dublin have seen a greater share of this increase than their counterparts elsewhere.