Lack of supply leading to reco...


Lack of supply leading to record high rent levels

RedFM News
RedFM News

10:49 22 Nov 2022

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A lack of supply continues to be the main factor for rising rents, according to a new report.

It now costs just under €1,700 on average to rent a home in Ireland, up 14% on last year according to latest analysis.

Here in Cork, rents rose by 12.1% in the city in the past year to an average €1700. while in Cork county average rents were €1,300, a 7.3% increase.

However, the likes of Galway, Limerick and Waterford saw hikes of between 16 and 17%.

Former chair of the Housing Agency, Conor Skehan, says it's not just a lack of supply which is causing the current issues:

"We are missing out the fact that there is an enormous exodus from the marketplace of landlords. Apparently, it has over doubled in the last 12 months. And the reason for the doubling is the very high level of intervention in the market by the government. Many of them are leaving because of a claim of uncertainty that the rules are always changing."

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