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<strong>The</strong> <strong>Daft</strong>.<strong>ie</strong> <strong>Rental</strong> <strong>Report</strong><br />

An analysis of recent trends in the Irish rental market<br />

2015 in Rev<strong>ie</strong>w<br />

Introduction by Ronan Lyons, Economist at Trinity<br />

College Dublin and author of the <strong>Daft</strong>.<strong>ie</strong> <strong>Report</strong>


Supply of<br />

Ronan Lyons<br />

Economist at Trinity College Dublin and author<br />

of the <strong>Daft</strong>.<strong>ie</strong> <strong>Report</strong>.<br />

homes to rent<br />

must be a top priority for the<br />

next Government<br />

Three months ago,<br />

the commentary to<br />

the previous <strong>Rental</strong><br />

<strong>Report</strong> highlighted the<br />

importance of looking at<br />

quantit<strong>ie</strong>s – the number<br />

of homes available to<br />

rent – rather than prices.<br />

years. That trend has seen rents in Dublin 2 – the<br />

archetypal urban market – grow far faster than<br />

those in Leitrim, one of the cheapest rural markets.<br />

<strong>The</strong> figure below shows how average rents in<br />

Dublin 2 compare to rents in Leitrim since 2006.<br />

Ten years ago, in 2006, rents in Dublin 2 were<br />

roughly 2.8 times those in Leitrim and by 2010, that<br />

ratio had changed very little. Since then, though,<br />

Dublin 2 rents have grown so that they are now<br />

close to 3.7 times those in Leitrim.<br />

Rents in Dublin 2, relative to Leitrim<br />

3.7<br />

3.4<br />

This was in the context of calls for controls on rent<br />

increases. Blunt attempts to limit increases in rents<br />

would do nothing to address the lack of homes to<br />

rent and – like other price controls – potentially<br />

make the problem worse, rather than better, by<br />

limiting investment in new homes.<br />

How do things look three months on? With the next<br />

election just a couple of weeks away, what are the<br />

key messages the next Government should take<br />

away about the rented sector? And are the actions<br />

it needs to take?<br />

As ever, the initial focus will be on rents and how<br />

they’ve changed. <strong>The</strong>re, a clear message emerges<br />

over the last four years – the ‘urban premium’<br />

has grown and grown sharply. While Dublin rent<br />

inflation has been lower than that in the rest of the<br />

country for much of the last year, this marks only a<br />

small blip in a longer-term trend over the last five<br />

3.1<br />

2.8<br />

2.5<br />

Q1<br />

2006<br />

Q4<br />

2007<br />

Q3<br />

2009<br />

Q2<br />

2011<br />

Q1<br />

2013<br />

What does this growing urban premium mean?<br />

In most developed countr<strong>ie</strong>s, it is politically<br />

uncontroversial to say that cit<strong>ie</strong>s are where the bulk<br />

of jobs are created – and thus where population<br />

growth is centred. Ireland was, temporarily, an<br />

exception to this rule, as loose credit meant there<br />

were jobs and homes in towns, big and small.<br />

<strong>The</strong> end of the bubble, though, has refocused Irish<br />

people – young people in particular – on what kind<br />

of locations offer a good ‘labour market amenity’,<br />

i.e. jobs. <strong>The</strong> bigger the city, the better the labour<br />

market amenity and many young Irish people<br />

have decided that even Ireland’s biggest city is not<br />

big enough and gone abroad in search of safer<br />

employment prospects.<br />

Q4<br />

2014<br />

<strong>The</strong> <strong>Daft</strong>.<strong>ie</strong> <strong>Rental</strong> <strong>Report</strong> – 2015 in Rev<strong>ie</strong>w | 2


For those that have remained, though, as rental<br />

trends show, the demand has been driven by cit<strong>ie</strong>s<br />

and their surrounding areas. Whereas rents in<br />

Dublin are up 43% since their lowest point in 2010,<br />

and rents in Cork city have increased 37%, there has<br />

been just a 6% increase in Donegal rents and a 7%<br />

increase in Mayo.<br />

Unsurprisingly, if the urban areas are where demand<br />

for rental homes has concentrated, it is also where<br />

the lack of availability is most acute. In Dublin,<br />

between 2008 and 2012, there were an average of<br />

almost 5,200 propert<strong>ie</strong>s available to rent at any one<br />

time. Since 2012, this has fallen again and again.<br />

As of February 1st, there were fewer than 1,400<br />

propert<strong>ie</strong>s available to rent – in a city of over half a<br />

million households, more than a third of whom rent.<br />

But the lack of supply has not been limited to Dublin<br />

or even to the cit<strong>ie</strong>s. In the same period, the total<br />

number of propert<strong>ie</strong>s available to rent in the four<br />

other cit<strong>ie</strong>s – Cork, Galway, Limerick and Waterford –<br />

has fallen from an average of 2,000 to just over 300.<br />

And outside the cit<strong>ie</strong>s, the number has fallen from<br />

10,600 to just 1,900.<br />

Nationwide, there were just 3,600 homes available<br />

to rent on February 1st, by far the lowest total since<br />

the ser<strong>ie</strong>s started in 2006. This lack of availability<br />

stems from a lack of construction activity at a time<br />

when Ireland’s population has grown year-on-year<br />

throughout the last decade.<br />

Some of the reasons given for this lack of<br />

construction sound plausible at first glance but don’t<br />

stack up. For example, it is often said that banks<br />

won’t lend like they used to, or that Irish developers<br />

are either too bust or too greedy to build. But none<br />

of that explains why Dublin in particular is witnessing<br />

such a boom in commercial construction activity,<br />

especially new office space. Or why international<br />

developers, who work off relatively tight margins in<br />

many other countr<strong>ie</strong>s, can’t make the numbers stack<br />

up in Ireland.<br />

So the key takeaway for the new government<br />

is about understanding the unique blockages<br />

holding back supply in the Irish residential housing<br />

market, especially in building new apartments. <strong>The</strong><br />

National Competitiveness Council has committed<br />

to benchmarking construction costs in Ireland to<br />

our peers. <strong>The</strong> results of this exercise will hopefully<br />

act as an action plan for bringing costs, minimum<br />

standards and modes of certification back in line<br />

with best practice.<br />

If the next Government sets this as a priority early<br />

in its term, by the time it returns to face the voters<br />

again, it should be able to point to an end to the<br />

rental crisis as one of its main ach<strong>ie</strong>vements.<br />

Rents Rise Nationally<br />

9.0%<br />

(Year-on-year change in the average asking rent)<br />

<strong>Daft</strong>.<strong>ie</strong> National <strong>Rental</strong> Index<br />

(2012 average = 100)<br />

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016<br />

January 117.5 127.5 137.4 119.9 103.2 99.8 99.0 102.0 109.7 120.4 121.4<br />

February 117.8 131.5 137.4 116.8 102.3 100.6 98.8 103.3 111.1 121.7<br />

March 118.4 133.4 135.8 114.3 102.1 100.3 98.6 103.4 112.3 122.2<br />

April 119.4 133.8 135.2 112.3 101.5 100.2 98.4 104.0 113.3 123.2<br />

May 120.4 134.5 133.4 110.6 101.1 100.1 98.8 103.7 114.6 124.2<br />

June 121.4 135.1 132.0 109.1 100.5 99.8 99.0 103.6 115.3 125.2<br />

July 122.0 135.3 132.1 107.7 100.4 100.3 99.6 105.4 116.3 126.7<br />

August 123.2 136.4 131.2 107.3 101.4 100.3 100.6 106.7 117.3 128.3<br />

September 124.9 136.9 130.3 106.2 101.1 99.7 100.7 107.4 118.3 129.6<br />

October 125.6 136.6 127.5 104.7 100.7 99.1 100.7 107.9 118.8 130.2<br />

November 125.0 136.4 123.3 102.6 99.1 98.3 101.5 107.7 119.6 129.7<br />

December 126.9 136.6 120.1 101.7 98.9 98.7 101.2 108.3 119.9 130.5<br />

3 | <strong>The</strong> <strong>Daft</strong>.<strong>ie</strong> <strong>Rental</strong> <strong>Report</strong> – 2015 in Rev<strong>ie</strong>w<br />

<strong>The</strong> <strong>Daft</strong>.<strong>ie</strong> <strong>Rental</strong> <strong>Report</strong> – 2015 in Rev<strong>ie</strong>w | 4


Fourteenth<br />

Rent<br />

Average Nationwide<br />

quarter in a row<br />

of rent rises<br />

Rents rose by an average of 1.5% between September and<br />

December, marking over three years of quarterly rises in rents.<br />

Dublin inflation remains<br />

lower than elsewhere<br />

Availability of rental homes<br />

at lowest level on record<br />

€979<br />

For the third quarter in a row, annual inflation<br />

<strong>The</strong>re were fewer than 3,600 homes available to rent<br />

in Dublin rents (at 8.2%) remains below inflation nationwide on February 1, the lowest total at any<br />

outside the capital (9.8%).<br />

point since the start of the data ser<strong>ie</strong>s ten years ago.<br />

Stock of propert<strong>ie</strong>s to rent on <strong>Daft</strong>.<strong>ie</strong> (start of month) and flow of new propert<strong>ie</strong>s to rent, 2006-2015<br />

25000<br />

25000<br />

20000<br />

20000<br />

15000<br />

15000<br />

10000<br />

10000<br />

5000<br />

5000<br />

0<br />

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016<br />

0<br />

Stock Inflow Outflow<br />

<strong>The</strong> index is based on asking rents for propert<strong>ie</strong>s advertised to let on <strong>Daft</strong>.<strong>ie</strong>. Figures are calculated from econometric regressions, which calculate changes in<br />

price that are independent of changes in observable measures of quality, such as location, or bedroom number.<br />

5 | <strong>The</strong> <strong>Daft</strong>.<strong>ie</strong> <strong>Rental</strong> <strong>Report</strong> – 2015 in Rev<strong>ie</strong>w<br />

<strong>The</strong> <strong>Daft</strong>.<strong>ie</strong> <strong>Rental</strong> <strong>Report</strong> – 2015 in Rev<strong>ie</strong>w | 6


Nationwide<br />

Average rent by region and Y-on-Y change<br />

DL<br />

€525 €517<br />

6.0% 4.1%<br />

Dublin<br />

Average rent and Y-on-Y change<br />

North County<br />

€1,178 €1,197 | 11.1% 9.9%<br />

Limerick City<br />

€761 €778 | 11.4% 12.4%<br />

7 | <strong>The</strong> <strong>Daft</strong>.<strong>ie</strong> <strong>Rental</strong> <strong>Report</strong> – 2015 in Rev<strong>ie</strong>w<br />

Galway City<br />

€868 €887 | 12.2% 13.3%<br />

SO<br />

€571 €576<br />

5.3% 6.7%<br />

MO<br />

€560<br />

RN<br />

Nationwide<br />

€553<br />

LD<br />

4.7%<br />

€532 €534<br />

3.6%<br />

€481 €476<br />

6.0% 6.6% 11.3% 11.8%<br />

G<br />

Nationwide<br />

€607 €611<br />

10.8% 8.6%<br />

KY<br />

€624 €623<br />

4.7% 4.8%<br />

CE<br />

€591 €602<br />

8.8% 7.1%<br />

C<br />

€705 €691<br />

10.2% 11.2%<br />

L<br />

€638 €631<br />

6.7% 7.4%<br />

Limerick Galway City<br />

€868 €761 | 11.4% 12.2%<br />

LM<br />

€468 €470<br />

8.2% 7.8%<br />

Average rent by region and Y-on-Y change<br />

Average rent by region and Y-on-Y change<br />

MO<br />

€560<br />

4.7%<br />

Galway City<br />

OY<br />

€633 €626<br />

8.2% 9.0%<br />

€868 |<br />

Cork<br />

12.2%<br />

City<br />

€950 €978 | 13.5% 15.4%<br />

CN<br />

€534 €539<br />

10.0% 11.4%<br />

WH<br />

€653 €643<br />

10.0% 9.5%<br />

LS<br />

€644 €636<br />

10.9% 11.4%<br />

MN<br />

€580<br />

6.8% 7.3%<br />

MH<br />

€878 €895<br />

14.5% 13.9%<br />

KE<br />

€964 €950<br />

10.2% 11.3%<br />

LH<br />

€793 €811<br />

13.8% 13.3%<br />

G<br />

RN€611<br />

LD<br />

€534 10.8% €476<br />

6.6% 11.8%<br />

Waterford City<br />

€661 €673 | 10.3% 9.6%<br />

CE<br />

€591<br />

7.1%<br />

OY<br />

€626<br />

8.2%<br />

L<br />

€631<br />

6.7%<br />

DL<br />

€525<br />

6.0%<br />

WW<br />

€1,005 €1,002<br />

6.6% 8.1%<br />

MN<br />

SO CW<br />

LM<br />

€580<br />

€576<br />

€681 €679<br />

€470<br />

T<br />

6.8%<br />

6.7%<br />

6.5% 7.0%<br />

€629<br />

8.2%<br />

€632<br />

CN<br />

6.0% 6.1%<br />

KK<br />

Nationwide<br />

€534<br />

LH<br />

€688 €692<br />

10.0%<br />

€793<br />

8.7% 7.9% WX<br />

13.3%<br />

MO<br />

€560<br />

RN€616<br />

€613 LD MN<br />

SO<br />

4.7%<br />

LM €534 5.3%<br />

€476 €580<br />

€576<br />

Nationwide<br />

W<br />

€470 6.6% Average 11.8% rent by 6.8% region and Y-on-Y MH change<br />

€633 €638<br />

6.7%<br />

8.2%<br />

7.0% 7.1%<br />

WH<br />

€878<br />

CN<br />

€643<br />

14.5%<br />

€534<br />

LH<br />

10.0%<br />

9.5% €793<br />

13.3%<br />

CE<br />

€591<br />

7.1%<br />

G<br />

€611<br />

10.8%<br />

DL<br />

€525<br />

6.0%<br />

Average rent by region and Y-on-Y change<br />

OY<br />

€626 WH<br />

8.2% €643<br />

9.5%<br />

T<br />

€629<br />

6.0% LS<br />

€636<br />

11.4%<br />

MH<br />

€878<br />

14.5%<br />

LS<br />

€636<br />

11.4%<br />

KE<br />

€950<br />

11.3%<br />

MOCW<br />

KK<br />

€688<br />

8.7%<br />

KE<br />

€950<br />

11.3%<br />

CW<br />

€679 SO<br />

€576 7.0%<br />

WW<br />

6.7%<br />

€1,002<br />

8.1%<br />

WX<br />

€613<br />

5.3%<br />

DL<br />

€525<br />

6.0%<br />

WW<br />

€1,002<br />

8.1%<br />

LM<br />

MO €470<br />

€560 8.2%<br />

4.7%<br />

West County<br />

CN<br />

€534<br />

10.0%<br />

€1,243 €1,269 | 10.6% 10.2%<br />

MN<br />

€580<br />

6.8%<br />

RN<br />

€534<br />

6.6%<br />

South County<br />

€1,625 €1,604 | 7.2% 6.5%<br />

North City<br />

€1,310 €1,336 | | 9.3% 8.6%<br />

Dublin<br />

City Centre<br />

Average rent and Y-on-Y chan<br />

€1,408 €1,433 | 9.8% | 8.4%<br />

Dublin€1,178 | 11.1%<br />

South City<br />

€1,520 €1,547 | 7.9% | 7.6%<br />

West County LH<br />

€793<br />

€1,243 | 10.6%<br />

13.3%<br />

LD<br />

€476<strong>The</strong> <strong>Daft</strong>.<strong>ie</strong> <strong>Rental</strong> <strong>Report</strong> – 2015 in Rev<strong>ie</strong>w | 8<br />

11.8% LH<br />

MH<br />

€793<br />

13.3% WH<br />

€878<br />

€643<br />

14.5%<br />

North County<br />

Average rent and Y-on-Y change<br />

CN<br />

€534<br />

10.0%<br />

West County<br />

North County<br />

€1,178 | 11.1%<br />

DL<br />

Rents up 32%<br />

€525since their lowest point in 2011<br />

6.0%<br />

<strong>The</strong> average rent nationwide has risen by nearly one third<br />

since bottoming out in late 2011 and is just 5% below the<br />

early 2008 peak. In Dublin, rents are on average less than 1%<br />

below their previous peak and in some post codes exceed<br />

levels recorded eight years ago. In other cit<strong>ie</strong>s, rents are on<br />

average 3.3% below previous highs, while outside the cit<strong>ie</strong>s,<br />

MN<br />

SO<br />

the average rent LMremains more than 10% €580 below peak levels.<br />

€576<br />

€470<br />

6.8%<br />

6.7%<br />

8.2%<br />

No<br />

€1,31<br />

Cit<br />

€1,40<br />

South C<br />

€1,604 |<br />

Sou<br />

€1,52


<strong>Daft</strong>.<strong>ie</strong> Snapshot of Rents Nationwide<br />

What can I ask for? Can I afford it?<br />

Average monthly rents across Ireland (€), and annual change (%), 2015Q4<br />

1 bed apartment 2 bed house 3 bed house 4 bed house 5 bed house<br />

1 bed apartment 2 bed house 3 bed house 4 bed house 5 bed house<br />

DUBLIN<br />

Dublin 1 €1,141 11.3% €1,395 9.9% €1,709 10.2% €2,115 9.7% €2,481 6.3%<br />

Dublin 2 €1,403 8.1% €1,649 8.3% €1,979 7.9% €2,330 8.9% €3,114 19.0%<br />

Dublin 3 €1,153 7.8% €1,345 7.5% €1,544 6.1% €1,787 8.1% €1,929 10.9%<br />

LEINSTER<br />

Meath €621 16.9% €712 17.3% €878 14.6% €947 14.2% €1,023 14.8%<br />

Kildare €679 12.9% €778 13.3% €960 10.7% €1,035 10.3% €1,118 10.9%<br />

Wicklow €726 9.4% €833 9.8% €1,027 7.2% €1,108 6.8% €1,197 7.4%<br />

Dublin 4 €1,480 6.5% €1,696 6.3% €1,994 4.5% €2,234 7.1% €2,328 5.3%<br />

Louth €564 16.2% €646 16.6% €797 13.9% €860 13.5% €929 14.1%<br />

Dublin 5 €1,003 9.8% €1,140 9.7% €1,406 7.1% €1,517 6.7% €1,638 7.3%<br />

Longford €344 14.0% €394 14.4% €486 11.8% €525 11.4% €567 12.0%<br />

Dublin 6 €1,296 9.5% €1,473 9.3% €1,816 6.8% €1,959 6.4% €2,116 7.0%<br />

Offaly €440 11.2% €505 11.6% €622 9.0% €671 8.6% €725 9.2%<br />

Dublin 6W €1,177 9.4% €1,338 9.2% €1,650 6.7% €1,780 6.3% €1,923 6.9%<br />

Westmeath €455 12.1% €522 12.5% €644 9.9% €694 9.5% €750 10.1%<br />

Dublin 7 €1,087 11.0% €1,235 10.9% €1,523 8.3% €1,644 7.9% €1,775 8.5%<br />

Laois €448 13.6% €513 14.0% €633 11.3% €683 10.9% €737 11.5%<br />

Dublin 8 €1,135 10.5% €1,290 10.3% €1,591 7.7% €1,717 7.3% €1,854 8.0%<br />

Carlow €468 9.5% €537 9.9% €662 7.4% €715 7.0% €772 7.6%<br />

Dublin 9 €1,037 11.3% €1,178 11.1% €1,453 8.5% €1,568 8.2% €1,693 8.8%<br />

Kilkenny €477 10.9% €547 11.3% €675 8.7% €728 8.3% €786 9.0%<br />

Dublin 10 €900 8.6% €1,023 8.5% €1,262 5.9% €1,362 5.5% €1,471 6.1%<br />

Wexford €432 7.7% €495 8.0% €611 5.5% €659 5.1% €712 5.7%<br />

Dublin 11 €965 12.4% €1,097 12.3% €1,353 9.6% €1,459 9.2% €1,576 9.9%<br />

Dublin 12 €1,008 12.1% €1,145 12.0% €1,413 9.3% €1,524 9.0% €1,646 9.6%<br />

Dublin 13 €1,025 10.8% €1,165 10.7% €1,437 8.1% €1,550 7.7% €1,674 8.3%<br />

MUNSTER<br />

Waterford Co €427 7.0% €493 8.0% €608 5.4% €656 5.1% €708 5.7%<br />

Kerry €420 4.4% €485 5.4% €598 2.9% €645 2.6% €697 3.2%<br />

Cork Co €476 10.6% €549 11.6% €677 9.0% €731 8.6% €789 9.3%<br />

Dublin 14 €1,164 9.1% €1,323 9.0% €1,632 6.4% €1,761 6.0% €1,902 6.7%<br />

Clare €404 7.8% €467 8.9% €576 6.3% €621 5.9% €671 6.5%<br />

Dublin 15 €934 11.0% €1,062 10.9% €1,310 8.3% €1,413 7.9% €1,526 8.5%<br />

Limerick Co €419 7.0% €484 8.0% €596 5.5% €644 5.1% €695 5.7%<br />

Dublin 16 €1,081 10.6% €1,229 10.4% €1,515 7.8% €1,635 7.5% €1,766 8.1%<br />

Tipperary €427 6.1% €493 7.1% €608 4.6% €656 4.3% €708 4.9%<br />

Dublin 17 €979 17.3% €1,113 17.1% €1,372 14.4% €1,481 14.0% €1,599 14.6%<br />

Dublin 18 €1,156 9.8% €1,314 9.6% €1,620 7.1% €1,748 6.7% €1,888 7.3%<br />

Dublin 20 €1,011 13.6% €1,150 13.4% €1,418 10.7% €1,530 10.3% €1,652 11.0%<br />

Dublin 22 €916 13.6% €1,041 13.4% €1,284 10.7% €1,385 10.3% €1,496 11.0%<br />

CONNACHT<br />

Galway Co €444 6.7% €493 8.1% €608 5.5% €656 5.2% €709 5.8%<br />

Mayo €408 0.6% €453 1.9% €559 -0.5% €603 -0.9% €651 -0.3%<br />

Roscommon €386 3.2% €429 4.6% €529 2.1% €571 1.8% €617 2.3%<br />

Sligo €431 2.6% €479 4.0% €590 1.5% €637 1.2% €688 1.8%<br />

Dublin 24 €935 13.2% €1,063 13.0% €1,311 10.3% €1,415 10.0% €1,528 10.6%<br />

Leitrim €364 4.4% €404 5.7% €498 3.3% €538 2.9% €581 3.5%<br />

North Co Dublin €888 12.8% €1,010 12.6% €1,245 10.0% €1,344 9.6% €1,451 10.2%<br />

South Co Dublin €1,225 9.1% €1,392 8.9% €1,717 6.4% €1,853 6.0% €2,001 6.6%<br />

West Dublin €908 12.7% €1,032 12.5% €1,272 9.9% €1,373 9.5% €1,482 10.1%<br />

ULSTER<br />

Donegal €385 2.4% €428 3.7% €528 1.3% €570 0.9% €616 1.5%<br />

Cavan €390 6.9% €434 8.3% €535 5.7% €577 5.3% €623 5.9%<br />

Monaghan €432 3.4% €480 4.7% €592 2.2% €639 1.9% €690 2.5%<br />

OTHER CITIES<br />

Cork City €719 13.1% €803 13.4% €990 10.7% €1,068 10.3% €1,153 11.0%<br />

Galway City €637 11.5% €711 11.8% €877 9.2% €947 8.8% €1,022 9.4%<br />

Limerick City €557 10.9% €622 11.3% €767 8.6% €828 8.3% €894 8.9%<br />

Waterford City €486 8.6% €542 8.9% €669 6.4% €722 6.0% €779 6.6%<br />

9 | <strong>The</strong> <strong>Daft</strong>.<strong>ie</strong> <strong>Rental</strong> <strong>Report</strong> – 2015 in Rev<strong>ie</strong>w<br />

<strong>The</strong> <strong>Daft</strong>.<strong>ie</strong> <strong>Rental</strong> <strong>Report</strong> – 2015 in Rev<strong>ie</strong>w | 10


<strong>Daft</strong>.<strong>ie</strong> Snapshot of Y<strong>ie</strong>lds<br />

<strong>The</strong> y<strong>ie</strong>ld is the ratio of annual rents to the price of the property.<br />

It is comparable to an interest rate and is frequently used as a measure of how healthy the property market is.<br />

Gross annual y<strong>ie</strong>lds across Ireland (%), and year-on-year change (in percentage points), 2015 Q4.<br />

1 bed apartment 2 bed house 3 bed house 4 bed house 5 bed house<br />

1 bed apartment 2 bed house 3 bed house 4 bed house 5 bed house<br />

DUBLIN<br />

Dublin 1 8.7% 0.5% 6.9% 0.4% 6.1% 0.6% 5.1% 0.3% 5.0% 0.7%<br />

Dublin 2 7.3% 1.3% 6.4% 0.5% 5.3% 0.5% 4.1% 0.3% 4.9% 1.1%<br />

Dublin 3 6.8% 0.0% 5.7% 0.1% 4.6% 0.0% 3.3% 0.1% 2.8% 0.0%<br />

LEINSTER<br />

Meath 9.7% 1.8% 8.8% 0.5% 7.3% -0.1% 3.9% 0.0% 3.7% -0.1%<br />

Kildare 9.8% 1.7% 8.8% 0.4% 7.3% -0.2% 3.9% -0.0% 3.7% -0.1%<br />

Wicklow 8.2% 1.4% 7.4% 0.2% 6.1% -0.2% 3.3% -0.0% 3.1% -0.1%<br />

Dublin 4 6.3% 0.8% 5.1% 0.2% 4.1% 0.2% 2.7% 0.2% 2.4% 0.1%<br />

Louth 10.2% 2.0% 9.2% 0.6% 7.6% -0.0% 4.1% 0.1% 3.9% -0.0%<br />

Dublin 5 7.5% 1.5% 6.4% 0.6% 5.3% 0.3% 3.5% -0.0% 3.0% -0.2%<br />

Longford 12.1% 2.5% 10.9% 0.8% 9.0% 0.1% 4.9% 0.2% 4.6% 0.0%<br />

Dublin 6 5.7% 1.4% 4.9% 0.7% 4.1% 0.4% 2.6% 0.1% 2.3% 0.0%<br />

Offaly 10.4% 2.3% 9.3% 0.9% 7.8% 0.3% 4.2% 0.2% 4.0% 0.1%<br />

Dublin 6W 6.5% 1.4% 5.5% 0.6% 4.6% 0.3% 3.0% 0.0% 2.6% -0.1%<br />

Westmeath 10.1% 1.7% 9.0% 0.3% 7.5% -0.3% 4.1% -0.1% 3.8% -0.2%<br />

Dublin 7 8.0% 1.5% 6.8% 0.5% 5.7% 0.2% 3.7% -0.1% 3.2% -0.2%<br />

Laois 10.3% 1.7% 9.3% 0.3% 7.7% -0.3% 4.2% -0.1% 3.9% -0.2%<br />

Dublin 8 8.0% 1.3% 6.8% 0.3% 5.7% 0.0% 3.7% -0.2% 3.2% -0.4%<br />

Carlow 10.9% 2.2% 9.8% 0.7% 8.1% 0.1% 4.4% 0.1% 4.1% -0.0%<br />

Dublin 9 7.5% 1.4% 6.4% 0.5% 5.3% 0.2% 3.5% -0.1% 3.0% -0.2%<br />

Kilkenny 9.3% 1.5% 8.4% 0.2% 6.9% -0.3% 3.8% -0.1% 3.5% -0.2%<br />

Dublin 10 10.5% 1.5% 8.9% 0.2% 7.4% -0.1% 4.8% -0.4% 4.2% -0.6%<br />

Wexford 9.4% 1.2% 8.4% -0.1% 7.0% -0.6% 3.8% -0.2% 3.6% -0.3%<br />

Dublin 11 9.5% 1.7% 8.1% 0.6% 6.8% 0.2% 4.4% -0.1% 3.8% -0.3%<br />

Dublin 12 8.6% 1.8% 7.4% 0.7% 6.1% 0.4% 4.0% 0.0% 3.5% -0.1%<br />

Dublin 13 7.3% 1.5% 6.2% 0.6% 5.2% 0.3% 3.4% 0.0% 2.9% -0.1%<br />

MUNSTER<br />

Waterford Co 9.0% 1.1% 7.8% -0.5% 6.4% -0.7% 3.4% -0.4% 3.2% -0.5%<br />

Kerry 10.1% 1.5% 8.8% -0.2% 7.2% -0.5% 3.8% -0.3% 3.6% -0.5%<br />

Cork Co 10.0% 1.3% 8.7% -0.4% 7.1% -0.7% 3.8% -0.4% 3.5% -0.5%<br />

Dublin 14 6.6% 1.3% 5.6% 0.5% 4.7% 0.2% 3.0% -0.0% 2.7% -0.2%<br />

Clare 10.0% 1.1% 8.8% -0.7% 7.2% -0.9% 3.8% -0.5% 3.6% -0.7%<br />

Dublin 15 8.8% 1.9% 7.5% 0.8% 6.3% 0.5% 4.1% 0.1% 3.5% -0.1%<br />

Limerick Co 11.1% 1.8% 9.8% -0.1% 8.0% -0.5% 4.3% -0.3% 4.0% -0.4%<br />

Dublin 16 6.9% 1.6% 5.9% 0.8% 4.9% 0.5% 3.2% 0.1% 2.8% -0.0%<br />

Tipperary 10.9% 1.8% 9.5% -0.1% 7.8% -0.4% 4.2% -0.3% 3.9% -0.4%<br />

Dublin 17 10.1% 1.8% 8.6% 0.5% 7.2% 0.2% 4.7% -0.2% 4.1% -0.4%<br />

Dublin 18 6.6% 1.4% 5.6% 0.6% 4.7% 0.4% 3.0% 0.1% 2.6% -0.1%<br />

Dublin 20 8.2% 1.7% 7.0% 0.7% 5.8% 0.4% 3.8% 0.0% 3.3% -0.2%<br />

Dublin 22 10.4% 2.0% 8.9% 0.7% 7.4% 0.3% 4.8% -0.1% 4.2% -0.3%<br />

CONNACHT<br />

Galway Co 11.1% 0.8% 10.6% -0.3% 8.8% -1.1% 4.5% -0.6% 4.1% -0.6%<br />

Mayo 11.3% 0.9% 10.8% -0.2% 8.9% -1.0% 4.5% -0.6% 4.1% -0.5%<br />

Roscommon 13.1% 1.1% 12.5% -0.2% 10.4% -1.1% 5.3% -0.7% 4.8% -0.6%<br />

Sligo 11.9% 1.1% 11.4% -0.0% 9.4% -0.8% 4.8% -0.5% 4.3% -0.4%<br />

Dublin 24 10.1% 1.8% 8.6% 0.6% 7.2% 0.2% 4.7% -0.1% 4.1% -0.3%<br />

Leitrim 11.9% 0.6% 11.4% -0.6% 9.4% -1.4% 4.8% -0.8% 4.3% -0.7%<br />

North Co Dublin 8.2% 1.8% 7.0% 0.8% 5.8% 0.5% 3.8% 0.1% 3.3% -0.1%<br />

South Co Dublin 5.9% 1.3% 5.1% 0.6% 4.2% 0.3% 2.7% 0.0% 2.4% -0.1%<br />

West Dublin 8.4% 1.9% 7.2% 0.9% 6.0% 0.5% 3.9% 0.1% 3.4% -0.1%<br />

ULSTER<br />

Donegal 10.9% 0.7% 10.5% -0.4% 8.6% -1.1% 4.4% -0.6% 4.0% -0.6%<br />

Cavan 11.5% 0.4% 10.9% -0.8% 9.0% -1.5% 4.6% -0.8% 4.2% -0.7%<br />

Monaghan 11.1% 0.9% 10.6% -0.2% 8.7% -0.9% 4.4% -0.6% 4.0% -0.5%<br />

OTHER CITIES<br />

Cork City 9.3% 1.1% 8.2% -0.2% 6.0% -0.6% 3.6% -0.4% 3.1% -0.4%<br />

Galway City 9.1% 1.0% 8.1% -0.3% 5.9% -0.6% 3.6% -0.4% 3.0% -0.4%<br />

Limerick City 10.8% 1.0% 9.6% -0.6% 7.0% -0.9% 4.2% -0.6% 3.6% -0.6%<br />

Waterford City 11.1% 1.1% 9.8% -0.5% 7.2% -0.8% 4.3% -0.6% 3.7% -0.5%<br />

11 | <strong>The</strong> <strong>Daft</strong>.<strong>ie</strong> <strong>Rental</strong> <strong>Report</strong> – 2015 in Rev<strong>ie</strong>w<br />

<strong>The</strong> <strong>Daft</strong>.<strong>ie</strong> <strong>Rental</strong> <strong>Report</strong> – 2015 in Rev<strong>ie</strong>w | 12


To buy or to rent?<br />

Using the <strong>Daft</strong>.<strong>ie</strong> House Price and <strong>Rental</strong> reports, it is possible to calculate the average mortgage payment as well as the average rent, for propert<strong>ie</strong>s around the country.<br />

Current mortgage repayments based off the following parameters: 4.3% variable mortgage, for a term of 30 years, with 85% LTV, while a figure is also given for the case where<br />

mortgage rates rise by two percentage points. Average mortgage and rent payments compared, across Ireland, 2015 Q4.<br />

1 bed apartment 2 bed house 3 bed house 4 bed house 5 bed house<br />

Mortgage<br />

(4.3%)<br />

Mortgage<br />

+2%<br />

Rent<br />

Mortgage<br />

(4.3%)<br />

Mortgage<br />

+2%<br />

Rent<br />

Mortgage<br />

(4.3%)<br />

Mortgage<br />

+2%<br />

Rent<br />

Mortgage<br />

(4.3%)<br />

Mortgage<br />

+2%<br />

Rent<br />

Mortgage<br />

(4.3%)<br />

Mortgage<br />

+2%<br />

Rent<br />

DUBLIN<br />

Dublin 1 €661 €827 €1,141 €1,026 €1,283 €1,395 €1,419 €1,775 €1,709 €2,105 €2,633 €2,115 €2,503 €3,130 €2,481<br />

Dublin 2 €968 €1,211 €1,403 €1,310 €1,638 €1,649 €1,880 €2,352 €1,979 €2,853 €3,568 €2,330 €3,205 €4,008 €3,114<br />

Dublin 3 €862 €1,078 €1,153 €1,196 €1,496 €1,345 €1,699 €2,124 €1,544 €2,769 €3,463 €1,787 €3,521 €4,404 €1,929<br />

Dublin 4 €1,190 €1,489 €1,480 €1,681 €2,103 €1,696 €2,433 €3,043 €1,994 €4,126 €5,161 €2,234 €4,908 €6,139 €2,328<br />

Dublin 5 €674 €842 €1,003 €896 €1,121 €1,140 €1,327 €1,660 €1,406 €2,203 €2,756 €1,517 €2,730 €3,414 €1,638<br />

Dublin 6 €1,148 €1,436 €1,296 €1,528 €1,911 €1,473 €2,263 €2,831 €1,816 €3,757 €4,699 €1,959 €4,654 €5,821 €2,116<br />

Dublin 6W €917 €1,147 €1,177 €1,220 €1,526 €1,338 €1,807 €2,260 €1,650 €3,000 €3,752 €1,780 €3,716 €4,648 €1,923<br />

Dublin 7 €688 €860 €1,087 €915 €1,144 €1,235 €1,355 €1,695 €1,523 €2,250 €2,814 €1,644 €2,787 €3,486 €1,775<br />

Dublin 8 €717 €897 €1,135 €954 €1,193 €1,290 €1,413 €1,767 €1,591 €2,345 €2,934 €1,717 €2,905 €3,634 €1,854<br />

Dublin 9 €696 €870 €1,037 €926 €1,158 €1,178 €1,371 €1,715 €1,453 €2,277 €2,847 €1,568 €2,820 €3,527 €1,693<br />

Dublin 10 €435 €544 €900 €578 €723 €1,023 €856 €1,071 €1,262 €1,422 €1,778 €1,362 €1,761 €2,203 €1,471<br />

Dublin 11 €511 €639 €965 €680 €851 €1,097 €1,008 €1,260 €1,353 €1,673 €2,092 €1,459 €2,072 €2,591 €1,576<br />

Dublin 12 €590 €737 €1,008 €784 €981 €1,145 €1,162 €1,453 €1,413 €1,929 €2,412 €1,524 €2,389 €2,988 €1,646<br />

Dublin 13 €708 €885 €1,025 €942 €1,178 €1,165 €1,395 €1,745 €1,437 €2,316 €2,897 €1,550 €2,869 €3,588 €1,674<br />

Dublin 14 €893 €1,117 €1,164 €1,188 €1,485 €1,323 €1,759 €2,201 €1,632 €2,921 €3,653 €1,761 €3,618 €4,525 €1,902<br />

Dublin 15 €537 €671 €934 €714 €893 €1,062 €1,058 €1,323 €1,310 €1,756 €2,196 €1,413 €2,175 €2,720 €1,526<br />

Dublin 16 €796 €995 €1,081 €1,059 €1,324 €1,229 €1,568 €1,962 €1,515 €2,604 €3,256 €1,635 €3,225 €4,034 €1,766<br />

Dublin 17 €489 €611 €979 €650 €813 €1,113 €963 €1,204 €1,372 €1,599 €1,999 €1,481 €1,980 €2,477 €1,599<br />

Dublin 18 €890 €1,113 €1,156 €1,183 €1,480 €1,314 €1,753 €2,193 €1,620 €2,910 €3,640 €1,748 €3,605 €4,509 €1,888<br />

Dublin 20 €624 €781 €1,011 €830 €1,039 €1,150 €1,230 €1,539 €1,418 €2,042 €2,555 €1,530 €2,530 €3,165 €1,652<br />

Dublin 22 €445 €556 €916 €592 €740 €1,041 €877 €1,097 €1,284 €1,456 €1,821 €1,385 €1,803 €2,255 €1,496<br />

Dublin 24 €469 €587 €935 €624 €781 €1,063 €925 €1,156 €1,311 €1,535 €1,920 €1,415 €1,901 €2,378 €1,528<br />

North Co Dublin €547 €684 €888 €727 €910 €1,010 €1,078 €1,348 €1,245 €1,789 €2,238 €1,344 €2,216 €2,772 €1,451<br />

South Co Dublin €1,044 €1,305 €1,225 €1,388 €1,737 €1,392 €2,057 €2,573 €1,717 €3,415 €4,271 €1,853 €4,230 €5,291 €2,001<br />

West Dublin €546 €682 €908 €726 €908 €1,032 €1,075 €1,345 €1,272 €1,785 €2,232 €1,373 €2,211 €2,765 €1,482<br />

OTHER CITIES<br />

Cork City €391 €489 €719 €491 €615 €803 €831 €1,039 €990 €1,489 €1,862 €1,068 €1,891 €2,365 €1,153<br />

Galway City €353 €441 €637 €443 €555 €711 €750 €938 €877 €1,343 €1,680 €947 €1,706 €2,134 €1,022<br />

Limerick City €261 €326 €557 €328 €410 €622 €554 €693 €767 €993 €1,242 €828 €1,262 €1,578 €894<br />

Waterford City €222 €277 €486 €279 €349 €542 €472 €590 €669 €845 €1,057 €722 €1,073 €1,343 €779<br />

13 | <strong>The</strong> <strong>Daft</strong>.<strong>ie</strong> <strong>Rental</strong> <strong>Report</strong> – 2015 in Rev<strong>ie</strong>w<br />

<strong>The</strong> <strong>Daft</strong>.<strong>ie</strong> <strong>Rental</strong> <strong>Report</strong> – 2015 in Rev<strong>ie</strong>w | 14


To buy or to rent?<br />

Using the <strong>Daft</strong>.<strong>ie</strong> House Price and <strong>Rental</strong> reports, it is possible to calculate the average mortgage payment as well as the average rent, for propert<strong>ie</strong>s around the country.<br />

Current mortgage repayments based off the following parameters: 4.3% 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.<br />

Average mortgage and rent payments compared, across Ireland, 2015 Q4.<br />

1 bed apartment 2 bed house 3 bed house 4 bed house 5 bed house<br />

Mortgage<br />

(4.3%)<br />

Mortgage<br />

+2%<br />

Rent<br />

Mortgage<br />

(4.3%)<br />

Mortgage<br />

+2%<br />

Rent<br />

Mortgage<br />

(4.3%)<br />

Mortgage<br />

+2%<br />

Rent<br />

Mortgage<br />

(4.3%)<br />

Mortgage<br />

+2%<br />

Rent<br />

Mortgage<br />

(4.3%)<br />

Mortgage<br />

+2%<br />

Rent<br />

LEINSTER<br />

Meath €322 €402 €621 €411 €514 €712 €610 €763 €878 €1,215 €1,520 €947 €1,395 €1,745 €1,023<br />

Kildare €351 €439 €679 €448 €561 €778 €666 €833 €960 €1,327 €1,659 €1,035 €1,523 €1,906 €1,118<br />

Wicklow €448 €560 €726 €572 €715 €833 €849 €1,062 €1,027 €1,692 €2,116 €1,108 €1,943 €2,430 €1,197<br />

Louth €279 €349 €564 €357 €446 €646 €530 €663 €797 €1,055 €1,320 €860 €1,212 €1,515 €929<br />

Longford €143 €179 €344 €183 €229 €394 €272 €340 €486 €541 €677 €525 €622 €778 €567<br />

Offaly €213 €267 €440 €273 €341 €505 €405 €506 €622 €806 €1,008 €671 €926 €1,158 €725<br />

Westmeath €228 €286 €455 €292 €365 €522 €433 €542 €644 €863 €1,080 €694 €991 €1,240 €750<br />

Laois €219 €274 €448 €280 €350 €513 €416 €520 €633 €828 €1,036 €683 €951 €1,189 €737<br />

Carlow €218 €272 €468 €278 €348 €537 €413 €517 €662 €823 €1,029 €715 €945 €1,182 €772<br />

Kilkenny €259 €323 €477 €330 €413 €547 €491 €614 €675 €977 €1,222 €728 €1,122 €1,403 €786<br />

Wexford €232 €290 €432 €296 €371 €495 €440 €551 €611 €877 €1,097 €659 €1,007 €1,260 €712<br />

MUNSTER<br />

Waterford Co €241 €301 €427 €317 €397 €493 €478 €598 €608 €968 €1,210 €656 €1,120 €1,401 €708<br />

Kerry €211 €264 €420 €278 €347 €485 €418 €523 €598 €848 €1,060 €645 €981 €1,228 €697<br />

Cork Co €241 €302 €476 €318 €398 €549 €479 €599 €677 €971 €1,214 €731 €1,124 €1,406 €789<br />

Clare €203 €254 €404 €268 €335 €467 €404 €505 €576 €818 €1,023 €621 €947 €1,184 €671<br />

Limerick Co €190 €238 €419 €250 €313 €484 €377 €472 €596 €764 €955 €644 €884 €1,106 €695<br />

Tipperary €198 €248 €427 €261 €327 €493 €393 €492 €608 €797 €997 €656 €923 €1,154 €708<br />

CONNACHT<br />

Galway Co €201 €251 €444 €234 €293 €493 €350 €437 €608 €742 €928 €656 €881 €1,102 €709<br />

Mayo €183 €228 €408 €213 €266 €453 €318 €397 €559 €674 €843 €603 €800 €1,001 €651<br />

Roscommon €148 €186 €386 €173 €216 €429 €258 €323 €529 €548 €685 €571 €650 €813 €617<br />

Sligo €183 €229 €431 €213 €266 €479 €318 €398 €590 €675 €844 €637 €801 €1,002 €688<br />

Leitrim €154 €193 €364 €179 €224 €404 €268 €335 €498 €568 €711 €538 €674 €843 €581<br />

ULSTER<br />

Donegal €178 €222 €385 €207 €259 €428 €309 €386 €528 €656 €821 €570 €779 €974 €616<br />

Cavan €172 €215 €390 €200 €250 €434 €299 €374 €535 €635 €794 €577 €754 €943 €623<br />

Monaghan €197 €246 €432 €229 €287 €480 €342 €428 €592 €727 €910 €639 €863 €1,080 €690<br />

15 | <strong>The</strong> <strong>Daft</strong>.<strong>ie</strong> <strong>Rental</strong> <strong>Report</strong> – 2015 in Rev<strong>ie</strong>w<br />

<strong>The</strong> <strong>Daft</strong>.<strong>ie</strong> <strong>Rental</strong> <strong>Report</strong> – 2015 in Rev<strong>ie</strong>w | 16


Dublin<br />

Rents in the city up to 46% above<br />

2010 levels.<br />

North County<br />

Average rent: rent: €1,178 €1,197<br />

Qtr-on-qtr Qtr-on-qtr: change: 3.4% 1.6%<br />

Year-on-year Year-on-year: change: 11.1% 9.9%<br />

Change from trough: 37.0% 39.2%<br />

West County<br />

Average rent: €1,243 €1,269<br />

Qtr-on-qtr Qtr-on-qtr: change: 3.5% 2.1%<br />

Year-on-year Year-on-year: change: 10.6% 10.2%<br />

Change from trough: 38.0% 41.0%<br />

South County<br />

Average rent: €1,604 €1,625<br />

Qtr-on-qtr Qtr-on-qtr: change: 2.4% 1.3%<br />

Year-on-year Year-on-year: change: 7.2% 6.5%<br />

Change from trough: 34.8% 36.6%<br />

North City<br />

Average rent: €1,336 €1,310<br />

Qtr-on-qtr: change: 2.0% 3.0%<br />

Year-on-year: change: 8.6% 9.3%<br />

Change from trough: 43.4% 40.6%<br />

City Centre<br />

Average rent: €1,433 €1,408<br />

Qtr-on-qtr: change: 1.7% 3.0%<br />

Year-on-year: change: 8.4% 9.8%<br />

Change from trough: 46.0% 43.5%<br />

South City<br />

Average rent: €1,547 €1,520<br />

Qtr-on-qtr: change: 1.8% 3.0%<br />

Year-on-year: change: 7.6% 7.9%<br />

Change from trough: 41.5% 39.0%<br />

Growing premium for central location<br />

West Dublin rents growing fastest<br />

Supply at its tightest<br />

Rising rent-a-room costs<br />

Rents in central Dublin have risen 46% since 2010,<br />

compared to an increase of 36.6% in South County<br />

Dublin in the same period.<br />

While rental inflation has moderated<br />

across the capital, it remains above 10% in<br />

West Dublin.<br />

Fewer than 1,400 propert<strong>ie</strong>s were available to rent in<br />

the capital on February 1, the lowest ever recorded<br />

since the ser<strong>ie</strong>s started in 2006.<br />

Across the capital, the monthly cost of renting a room<br />

rose by at least 4% and in certain segments more<br />

than 10% during 2015.<br />

Rent-a-Room Trends Q4 2015<br />

Single Bed<br />

Double Bed<br />

RENTAL AREAS<br />

Dublin City Centre<br />

North Dublin City<br />

South Dublin City<br />

North Co. Dublin<br />

South Co. Dublin<br />

West Co. Dublin<br />

AVG. RENT<br />

€ 537<br />

€ 448<br />

€ 481<br />

€ 402<br />

€ 483<br />

€ 386<br />

YR/YR CHANGE<br />

8.3%<br />

9.5%<br />

6.9%<br />

18.2%<br />

4.1%<br />

9.7%<br />

AVG. RENT<br />

€ 671<br />

€ 549<br />

€ 621<br />

€ 502<br />

€ 583<br />

€ 505<br />

YR/YR CHANGE<br />

11.5%<br />

9.4%<br />

7.8%<br />

10.3%<br />

4.7%<br />

10.3%<br />

Dublin trends Q4 2015<br />

€1,800<br />

€1,700<br />

€1,600<br />

€1,500<br />

€1,400<br />

€1,300<br />

€1,200<br />

€1,100<br />

€1,000<br />

€900<br />

€800<br />

Q1<br />

2006<br />

Q1<br />

2007<br />

Q1<br />

2008<br />

Q1<br />

2009<br />

Q1<br />

2010<br />

Q1<br />

2011<br />

Dublin City Centre North Dublin City South Dublin City North County Dublin South County Dublin West County Dublin<br />

Q1<br />

2012<br />

Q1<br />

2013<br />

Q1<br />

2014<br />

Q1<br />

2015<br />

Q4<br />

2015<br />

Average house price by area, 2006-2015.<br />

17 | <strong>The</strong> <strong>Daft</strong>.<strong>ie</strong> <strong>Rental</strong> <strong>Report</strong> – 2015 in Rev<strong>ie</strong>w<br />

<strong>The</strong> <strong>Daft</strong>.<strong>ie</strong> <strong>Rental</strong> <strong>Report</strong> – 2015 in Rev<strong>ie</strong>w | 18


Leinster<br />

Double-digit inflation widespread<br />

across Leinster.<br />

Longford<br />

Average<br />

Average<br />

rent:<br />

rent:<br />

€476<br />

€481<br />

Qtr-on-qtr Qtr-on-qtr: change: 3.5% 1.1%<br />

Year-on-year Year-on-year: change: 11.8% 11.3%<br />

Change from trough: 18.0% 19.3%<br />

Westmeath<br />

Average rent: €653<br />

Average rent: €643<br />

Qtr-on-qtr<br />

Qtr-on-qtr:<br />

change: 3.5%<br />

1.6%<br />

Year-on-year Year-on-year: change: 10.0% 9.5%<br />

Change from trough: 22.0% 24.0%<br />

Offaly<br />

Average rent: €633<br />

Average rent: €626<br />

Qtr-on-qtr<br />

Qtr-on-qtr:<br />

change: 3.6%<br />

1.0%<br />

Year-on-year Year-on-year: change: 8.2% 9.0%<br />

Change from from trough: 18.5% 19.7%<br />

Laois<br />

Average rent: €644<br />

Average rent: €636<br />

Qtr-on-qtr: 1.2%<br />

Qtr-on-qtr change: 3.3%<br />

Year-on-year<br />

Year-on-year:<br />

change: 11.4%<br />

10.9%<br />

Change Change from from trough: trough: 26.3% 27.8%<br />

Kilkenny Kilkenny<br />

Average rent: €692<br />

Average rent: €688<br />

Qtr-on-qtr: 0.5%<br />

Qtr-on-qtr change: 2.8%<br />

Year-on-year: 7.9%<br />

Year-on-year change: 8.7%<br />

Change<br />

Change<br />

from<br />

from<br />

trough:<br />

trough:<br />

20.5%<br />

21.2%<br />

Carlow<br />

Average rent: €679 €681<br />

Qtr-on-qtr Qtr-on-qtr: change: 0.3% 2.3%<br />

Year-on-year Year-on-year: change: 6.5% 7.0%<br />

Change From from trough: trough: 14.6% 15.0%<br />

Louth<br />

Average rent: €793 €811<br />

Qtr-on-qtr: change: 2.3% 4.3%<br />

Year-on-year: change: 13.8% 13.3%<br />

Change from trough: 29.9% 32.9%<br />

Meath<br />

Average rent: €878 €895<br />

Qtr-on-qtr: change: 2.0% 4.4%<br />

Year-on-year: change: 13.9% 14.5%<br />

Change from trough: 35.9% 38.5%<br />

Kildare<br />

Average rent: €950 €964<br />

Qtr-on-qtr: change: 1.4% 3.1%<br />

Year-on-year: change: 10.2% 11.3%<br />

Change from trough: 35.3% 37.2%<br />

Wicklow<br />

Average<br />

Average<br />

rent:<br />

rent: €1,002<br />

€1,005<br />

Qtr-on-qtr: change: 0.3% 2.2%<br />

Year-on-year: change: 6.6% 8.1%<br />

Change from trough: 29.7% 30.1%<br />

Wexford<br />

Average rent: €616<br />

Average rent: €613<br />

Qtr-on-qtr:<br />

Qtr-on-qtr change:<br />

0.4%<br />

2.2%<br />

Year-on-year: change: 5.3% 5.3%<br />

Change from trough: 13.2% 13.6%<br />

Meath and Louth see biggest increases<br />

Huge variation in rise from trough<br />

750 homes to rent<br />

Strong rise in room costs<br />

<strong>The</strong> biggest annual increases in rents in Leinster have been<br />

in Meath and Louth (close to 14%), while the smallest have<br />

been in Wicklow, Carlow and Wexford (5-6%).<br />

While rents in Meath and Kildare are now nearly<br />

40% above their lowest point, rents in Carlow and<br />

Wexford are no more than 15% higher.<br />

Fewer than 750 homes were available to rent in<br />

Leinster on February 1st, by far the lowest figure for<br />

that time of year since records began in 2006.<br />

All parts of Leinster saw rent-a-room costs<br />

rise strongly in 2015, with increases of between<br />

4% and 11%.<br />

Rent-a-Room Trends Q4 2015<br />

Single Bed<br />

Double Bed<br />

RENTAL AREAS<br />

AVG. RENT YR/YR CHANGE AVG. RENT YR/YR CHANGE<br />

Leinster trends Q4 2015<br />

€1,100<br />

€1,000<br />

€900<br />

€800<br />

Dublin Commuter Count<strong>ie</strong>s<br />

West Leinster<br />

South East Leinster<br />

€ 341<br />

€ 251<br />

€ 284<br />

10.3%<br />

3.9%<br />

6.3%<br />

€ 415<br />

€ 297<br />

€ 327<br />

10.6%<br />

9.1%<br />

8.7%<br />

€700<br />

€600<br />

€500<br />

€400<br />

Q1<br />

2006<br />

Q1<br />

2007<br />

Q1<br />

2008<br />

Q1<br />

2009<br />

Q1<br />

2010<br />

Q1<br />

2011<br />

Q1<br />

2012<br />

Q1<br />

2013<br />

Q1<br />

2014<br />

Q1<br />

2015<br />

Q4<br />

2015<br />

Dublin Commuter Count<strong>ie</strong>s West Leinster South-East Leinster<br />

Average house price by area, 2006-2015.<br />

19 | <strong>The</strong> <strong>Daft</strong>.<strong>ie</strong> <strong>Rental</strong> <strong>Report</strong> – 2015 in Rev<strong>ie</strong>w<br />

<strong>The</strong> <strong>Daft</strong>.<strong>ie</strong> <strong>Rental</strong> <strong>Report</strong> – 2015 in Rev<strong>ie</strong>w | 20


Munster<br />

Urban-rural gap in rent inflation<br />

persists in Munster.<br />

Clare<br />

Average Average rent: rent: €591 €602<br />

Qtr-on-qtr Qtr-on-qtr: change: 2.7% 1.8%<br />

Year-on-year Year-on-year: change: 7.1% 8.8%<br />

Change<br />

Change<br />

from<br />

from<br />

trough:<br />

trough:<br />

12.2%<br />

14.3%<br />

Limerick Limerick County County<br />

Average rent: €638<br />

Average rent: €631<br />

Qtr-on-qtr: 1.0%<br />

Qtr-on-qtr change: 1.9%<br />

Year-on-year: 7.4%<br />

Year-on-year change: 6.7%<br />

Change from trough: 13.2%<br />

Change from trough: 12.0%<br />

Kerry<br />

Average rent: €624<br />

Average rent: €623<br />

Qtr-on-qtr: 0.3%<br />

Qtr-on-qtr change: 0.9%<br />

Year-on-year: 4.7%<br />

Year-on-year change: 4.8%<br />

Change from trough: 14.0%<br />

Change from trough: 13.7%<br />

Cork County<br />

Average rent: €705<br />

Average rent: €691<br />

Qtr-on-qtr: 2.0%<br />

Qtr-on-qtr change: 2.7%<br />

Year-on-year: 11.2%<br />

Year-on-year change: 10.2%<br />

Change from trough: 20.9%<br />

Change from trough: 18.6%<br />

Cork City<br />

Average rent: €978<br />

Average rent: €950<br />

Qtr-on-qtr: 2.9%<br />

Qtr-on-qtr change: 6.9%<br />

Year-on-year: 15.4%<br />

Year-on-year change: 13.5%<br />

Change from trough: 37.0%<br />

Change from trough: 33.1%<br />

Tipperary<br />

Average rent: rent: €632 €629<br />

Qtr-on-qtr: 0.5% change: 1.7%<br />

Year-on-year: 6.1% change: 6.0%<br />

Change from from trough: trough: 12.0% 11.5%<br />

Limerick City<br />

Average<br />

Average<br />

rent:<br />

rent:<br />

€778<br />

€761<br />

Qtr-on-qtr:<br />

Qtr-on-qtr<br />

2.2%<br />

change: 6.1%<br />

Year-on-year: 12.4%<br />

Year-on-year change: 11.4%<br />

Change from trough: 27.8%<br />

Change from trough: 25.1%<br />

Waterford County<br />

Average rent: €638<br />

Average rent: €633<br />

Qtr-on-qtr: 0.7%<br />

Qtr-on-qtr change: 1.5%<br />

Year-on-year: 7.0%<br />

Year-on-year change: 7.1%<br />

Change from trough: 12.0%<br />

Change from trough: 11.2%<br />

Waterford City<br />

Average rent: €673<br />

Average rent: €661<br />

Qtr-on-qtr: 1.8%<br />

Qtr-on-qtr change: 5.2%<br />

Year-on-year: 10.3%<br />

Year-on-year change: 9.6%<br />

Change from trough: 19.9%<br />

Change from trough: 17.8%<br />

Strong inflation continues in the cit<strong>ie</strong>s<br />

More moderate inflation in rural count<strong>ie</strong>s<br />

770 homes to rent<br />

Strong rise in room costs<br />

All three Munster cit<strong>ie</strong>s saw double-digit increases in<br />

rents in 2015, although this is a newer trend in Limerick<br />

and Waterford than in Cork.<br />

Annual inflation in rents in Kerry was less than<br />

5% in 2015, 7% or below in much of the province<br />

outside the cit<strong>ie</strong>s.<br />

<strong>The</strong>re were just 771 homes were available to rent in<br />

Munster on February 1st, by far the lowest figure for<br />

that time of year since 2006.<br />

<strong>The</strong> monthly cost of renting a room in Munster rose<br />

strongly in 2015, particularly in Cork, with increases<br />

of18% in some segments.<br />

Rent-a-Room Trends Q4 2015<br />

Single Bed<br />

Double Bed<br />

RENTAL AREAS<br />

AVG. RENT YR/YR CHANGE AVG. RENT YR/YR CHANGE<br />

Munster trends Q4 2015<br />

€1,100<br />

€1,000<br />

€900<br />

€800<br />

Cork City Centre<br />

Cork City Suburbs<br />

Cork Commuter Towns<br />

Limerick City Centre<br />

Limerick City Suburbs<br />

Waterford City Centre<br />

Rest of Munster<br />

€ 362<br />

€ 338<br />

€ 338<br />

€ 277<br />

€ 265<br />

€ 261<br />

€ 247<br />

11.7%<br />

14.2%<br />

17.8%<br />

17.9%<br />

6.4%<br />

4.0%<br />

9.6%<br />

€ 444<br />

€ 396<br />

€ 400<br />

€ 325<br />

€ 297<br />

€ 305<br />

€ 279<br />

18.4%<br />

9.7%<br />

13.0%<br />

13.6%<br />

6.5%<br />

10.1%<br />

5.6%<br />

€700<br />

€600<br />

€500<br />

€400<br />

Q1<br />

2006<br />

Q1<br />

2007<br />

Q1<br />

2008<br />

Q1<br />

2009<br />

Q1<br />

2010<br />

Cork City Limerick City Waterford City Rest-of-Munster<br />

Q1<br />

2011<br />

Q1<br />

2012<br />

Q1<br />

2013<br />

Q1<br />

2014<br />

Q1<br />

2015<br />

Q4<br />

2015<br />

Average house price by area, 2006-2015.<br />

21 | <strong>The</strong> <strong>Daft</strong>.<strong>ie</strong> <strong>Rental</strong> <strong>Report</strong> – 2015 in Rev<strong>ie</strong>w<br />

<strong>The</strong> <strong>Daft</strong>.<strong>ie</strong> <strong>Rental</strong> <strong>Report</strong> – 2015 in Rev<strong>ie</strong>w | 22


Donegal<br />

Average Average rent: rent: €525 €517<br />

Qtr-on-qtr Qtr-on-qtr: change: 2.0% -1.6%<br />

Year-on-year Year-on-year: change: 6.0% 4.1%<br />

Change from trough: 8.2% 6.4%<br />

Leitrim<br />

Average<br />

Average<br />

rent:<br />

rent:<br />

€468<br />

€470<br />

Qtr-on-qtr: change: -0.5% 3.0%<br />

Year-on-year: 7.8% change: 8.2%<br />

Change from trough: 13.5% 14.0%<br />

Connacht/Ulster<br />

Some of the smallest increases in rents<br />

seen in Connacht-Ulster.<br />

Sligo<br />

Average rent: €571<br />

Average rent: €576<br />

Qtr-on-qtr: -1.0%<br />

Qtr-on-qtr change: 1.8%<br />

Year-on-year<br />

Year-on-year:<br />

change: 6.7%<br />

5.3%<br />

Change Change from from trough: trough: 10.8% 9.8%<br />

Mayo<br />

Mayo<br />

Average rent: €553<br />

Average rent: €560<br />

Qtr-on-qtr: -1.2%<br />

Qtr-on-qtr change: 1.9%<br />

Year-on-year: 3.6%<br />

Year-on-year change: 4.7%<br />

Change from trough: 6.7%<br />

Change from trough: 8.0%<br />

Galway City<br />

Galway City<br />

Average rent: €887<br />

Average rent: €868<br />

Qtr-on-qtr: 2.2%<br />

Qtr-on-qtr change: 6.0%<br />

Year-on-year: 13.3%<br />

Year-on-year change: 12.2%<br />

Change from trough: 34.7%<br />

Change from trough: 31.8%<br />

Galway County<br />

Average rent: rent: €607 €611<br />

Qtr-on-qtr Qtr-on-qtr: change: -0.7% 3.6%<br />

Year-on-year Year-on-year: change: 8.6% 10.8%<br />

Change from trough: 18.9% 19.7%<br />

Monaghan<br />

Average rent: €580<br />

Average rent: €580<br />

Qtr-on-qtr:<br />

Qtr-on-qtr change:<br />

0.0%<br />

3.1%<br />

Year-on-year: 7.3% change: 6.8%<br />

Change from trough: 12.3% 12.3%<br />

Cavan<br />

Average rent: €539<br />

Average rent: €534<br />

Qtr-on-qtr: 1.0%<br />

Qtr-on-qtr change: 4.0%<br />

Year-on-year:<br />

Year-on-year<br />

11.4%<br />

change: 10.0%<br />

Change from from trough: trough: 14.4% 13.3%<br />

Roscommon<br />

Average rent: €532<br />

Average rent: €534<br />

Qtr-on-qtr: -0.4%<br />

Qtr-on-qtr change: 2.3%<br />

Year-on-year: 6.0%<br />

Year-on-year change: 6.6%<br />

Change<br />

Change<br />

from<br />

from<br />

trough:<br />

trough:<br />

7.9%<br />

8.3%<br />

Single-digit increases<br />

Cavan and Monaghan inflation<br />

700 homes on the market<br />

Rise in rent-a-room costs<br />

In Mayo, Roscommon, Sligo and Donegal, rents have<br />

risen by less than 10% from their lowest point, in<br />

contrast with Galway city, where they have risen by 35%.<br />

Across the region, outside of Galway city and county,<br />

some of the biggest year-on-year increases in rents<br />

have been seen in Cavan (11.4%) and Monaghan (7.3%).<br />

Fewer than 700 homes were available to rent in<br />

Connacht and Ulster on November 1st, the lowest<br />

level of availability since 2007.<br />

As in other parts of the country, rent-a-room costs<br />

rose strongly during 2015 in Connacht and Ulster,<br />

with increases of at least 6% in all segments.<br />

Rent-a-Room Trends Q4 2015<br />

Connacht/Ulster trends Q4 2015<br />

€900<br />

RENTAL AREAS<br />

Galway City Centre<br />

Galway City Suburbs<br />

Rest of Connacht<br />

Ulster (ROI)<br />

Single Bed<br />

AVG. RENT YR/YR CHANGE<br />

€ 348 10.1%<br />

€ 321<br />

9.2%<br />

€ 254<br />

7.5%<br />

€ 236 17.8%<br />

Double Bed<br />

AVG. RENT YR/YR CHANGE<br />

€ 407 6.3%<br />

€ 369 9.8%<br />

€ 290 7.2%<br />

€ 264 7.1%<br />

€850<br />

€800<br />

€750<br />

€700<br />

€650<br />

€600<br />

€550<br />

€500<br />

€450<br />

€400<br />

Q1<br />

2006<br />

Q1<br />

2007<br />

Q1<br />

2008<br />

Q1<br />

2009<br />

Q1<br />

2010<br />

Q1<br />

2011<br />

Q1<br />

2012<br />

Q1<br />

2013<br />

Q1<br />

2014<br />

Q1<br />

2015<br />

Q4<br />

2015<br />

Galway City Connacht Ulster<br />

Average house price by area, 2006-2015.<br />

23 | <strong>The</strong> <strong>Daft</strong>.<strong>ie</strong> <strong>Rental</strong> <strong>Report</strong> – 2015 in Rev<strong>ie</strong>w<br />

<strong>The</strong> <strong>Daft</strong>.<strong>ie</strong> <strong>Rental</strong> <strong>Report</strong> – 2015 in Rev<strong>ie</strong>w | 24


Over the last number<br />

of years, <strong>Daft</strong>.<strong>ie</strong> has<br />

collected a vast amount of<br />

data on the Irish property<br />

market. Each year tens of<br />

thousands of propert<strong>ie</strong>s<br />

for sale or rent are<br />

advertised on the site.<br />

About the <strong>Report</strong><br />

<strong>The</strong> goal of the <strong>Daft</strong> <strong>Report</strong> is to use this<br />

information to help all actors in the property<br />

market make informed decisions about buying and<br />

selling. In addition, because it is freely available, the<br />

<strong>Daft</strong> <strong>Report</strong> can help inform the media, the general<br />

public and policymakers about the latest<br />

developments in the property market.<br />

This is the <strong>Daft</strong>.<strong>ie</strong> <strong>Rental</strong> <strong>Report</strong>, the partner to<br />

the <strong>Daft</strong>.<strong>ie</strong> House Price <strong>Report</strong>. Together, they give<br />

house-hunters and investors more information to<br />

help them make their decisions. <strong>The</strong>se twin reports<br />

mean that <strong>Daft</strong> is the only objective monitor of<br />

trends in both rental and sales markets on a<br />

quarterly basis, making the report an essential<br />

barometer for anyone with an interest in the Irish<br />

property market.<br />

<strong>The</strong> <strong>Daft</strong> <strong>Report</strong> was first launched in 2005. It has<br />

already become the definitive barometer<br />

of the Irish rental market and is being used by the<br />

Central Bank, mortgage institutions, financial<br />

analysts and the general public alike. <strong>The</strong> <strong>Daft</strong>.<strong>ie</strong><br />

House Price report is Ireland’s longest-running<br />

house price report, combining information from the<br />

<strong>Daft</strong>.<strong>ie</strong> archives with data from Ireland’s<br />

Residential Property Price Register.<br />

Methodology and Sample Size<br />

<strong>The</strong> statistics are based on propert<strong>ie</strong>s advertised<br />

on <strong>Daft</strong>.<strong>ie</strong> for a given period. <strong>The</strong> regressions used<br />

are hedonic price regressions, accounting for all<br />

available and measurable attributes of propert<strong>ie</strong>s,<br />

with a Cooks Distance filter for outl<strong>ie</strong>rs. <strong>The</strong> average<br />

monthly sample size for lettings propert<strong>ie</strong>s is over<br />

10,000. Indices are based on standard methods,<br />

holding the mix of characteristics constant, with the<br />

annual average of 2012 used as the base.<br />

About <strong>Daft</strong>.<strong>ie</strong><br />

<strong>Daft</strong>.<strong>ie</strong> is Ireland’s largest property website with<br />

over 1.9 million unique users of the site generating<br />

over 180 million page v<strong>ie</strong>ws each month.<br />

Disclaimer<br />

<strong>The</strong> <strong>Daft</strong>.<strong>ie</strong> <strong>Report</strong> is prepared from information<br />

that we bel<strong>ie</strong>ve is collated with care, but we do<br />

not make any statement as to its accuracy or<br />

completeness. We reserve the right to vary our<br />

methodology and to edit or discontinue the indices,<br />

snapshots or analysis at any time for regulatory or<br />

other reasons. Persons seeking to place reliance on<br />

any information contained in this report for their<br />

own or third party commercial purposes do so at<br />

their own risk.<br />

Credits<br />

Economic Analysis: Ronan Lyons<br />

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Layout and Design:<br />

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Coming next:<br />

<strong>The</strong> <strong>Daft</strong>.<strong>ie</strong> House Price <strong>Report</strong><br />

2016 Q1<br />

<strong>The</strong> <strong>Daft</strong>.<strong>ie</strong> House Price <strong>Report</strong> will be published in April and will include a rev<strong>ie</strong>w of the<br />

performance of Ireland’s sales market in the first quarter of 2016, plus all the usual indices,<br />

snapshots, trends and analysis, providing analysts, buyers, sellers and the public with the most upto-date<br />

information on Ireland’s sales market.<br />

All data is Copyright © <strong>Daft</strong> Media Limited. <strong>The</strong> information contained in this report may only be<br />

reproduced if the source is clearly credited. Please contact <strong>Daft</strong>.<strong>ie</strong> on 01-4218700 for<br />

further information.<br />

25 | <strong>The</strong> <strong>Daft</strong>.<strong>ie</strong> <strong>Rental</strong> <strong>Report</strong> – 2015 in Rev<strong>ie</strong>w

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