Daft Rental Report, Q2 2012 – Choice of rental accommodation for students falls for third year in a row

Choice of rental accommodation for students falls for third year in a row
20th August, 2012

Rents nationwide were 0.5% lower in the second quarter of 2012 than a year previously, according to the latest report published by the property website Daft.ie. Between April and June, the average advertised rent in the country was €809 per month, compared to €814 during the same period in 2011.

The last twelve months have seen rents rise in Ireland’s major cities but continue to fall elsewhere. Rents in Dublin are up to 2% higher than a year previously, as are rents in Cork city (up 1.7%). In Galway, rents are up marginally (0.2%). In Limerick, prices are 0.9% below the level of a year ago while in Waterford city, rents have fallen by 4.5%. Outside the cities, rents are down year-on-year by between 1.3% and 3.5%.

Ronan Lyons, economist and author of the report, noted that supply conditions are becoming tighter. “This is the third summer in a row where there were fewer properties available to rent nationwide at any one time. This is particularly the case in Dublin, which means that some prospective tenants may find that they have to live further out than expected.”

Back to college
With CAO points out this week, the latest figures will make interesting reading for new and returning college students. Between 2007 and 2010, rents fell steadily but since then have on average changed little. Commenting on the report, USI President John Logue said: “Rents are still down 25% from their peak in 2007, meaning students now are at a significant advantage compared to their boom- time peers. Savings in rents provide a rare comfort to families that are faced with ever-increasing costs.”

The table below shows the cost for a double-room in those parts of the country close to Ireland’s third-level institutions. Areas close to TCD, DIT, DCU and NUI Galway have seen small increases in the last twelve months, while students in Tralee, Waterford and Dundalk can expect savings up between 4% and 6% on average.

The full report is available from http://daft.ie/report/john-logue and includes a commentary by John Logue, President of the Union of Students in Ireland.

For further information please contact:
Ronan Lyons – Economist (086 604 5655), Daft.ie – media@daft.ie