Galway has joined Dublin, Limerick and Cork with average rents now exceeding the 2000 euro mark, according to the latest Daft.ie Rental Price Report.
Speaking about the figures, Social Democrats councillor for Galway City West, Alan Curran, said this report lays bare the nightmare scenario facing renters in Galway. Market rents in the city now stand at €2,114 - a staggering 13.3 per cent year-on-year increase.
"The report published today shows that market rents rose by an average of 2 per cent in the second quarter of 2024. This marks the 14th consecutive quarter in which rents nationwide have increased - and the 45th time in the last 48 quarters.
"The average open market rent nationwide rent for Q2 of this year was €1922 per month- up 7.3 per cent year-on-year and 41 per cent higher than before the outbreak of Covid-19," he said.
Cllr Curran said that as with previous Daft reports, availability on the rental markets continues to be extremely tight.
"On August 1, there were just over 2,200 homes available to rent around the country- exactly half the average of 4,400 for the years 2015-2019.
"The latest figures are further proof that the maximum two per cent increases allowed for in Rent Pressure Zones (RPZs ) are not being enforced, which is putting renters under huge pressure.
"The only way to address this crisis is by building thousands of cost rental homes - something that this Government has failed miserably to do during its almost five years in office," he concluded.
