According to the latest Daft.ie Rental Report, rent in Mayo in the third quarter of this year is lower than at the same time last year.
In Mayo, rents were 4.1 per cent lower on average in the third quarter than a year previously. The average advertised rent is now €552, a fall of 23 per cent from the peak in 2007. Rents in Connacht fell by 1.9 per cent in the year to October 2012, compared to a fall of 3.1 per cent a year previously.
Commenting on the report, Dr Lorcan Sirr, lecturer in housing, DIT said: “The numbers of individuals and families renting has rocketed in the last five years. Across Ireland, about 29 per cent of all people now rent, with 18.5 per cent renting from the private sector. This is roughly the same level as in the mid-1950s. But what is more interesting is the speed of change: numbers renting in the private sector have increased by 86 per cent since 2006.”
Ronan Lyons, economist at Daft.ie, said: “The latest Daft.ie Rental Report shows continued falls in the available number of rental properties nationwide, but most significantly in Dublin. There are now fewer properties on the market than at any point since early 2007, when there were significantly fewer people renting. After close to two years of static prices in the capital, this change in supply appears to be impacting rents in Dublin, which have risen just ahead of inflation over the last two years.”
