Rents across Ireland have fallen 5 per cent in the first three months of this year, according to report published today.
In its latest survey on the rental market, property website Daft.ie found the national average rent is now €840 per month, a drop of €160 on the same period last year.
The major cities experienced the biggest drops, the report found. In Dublin and Limerick, cities rents were down by up to 6.5 per cent, while in Waterford city and Cork city, rents fell by 5.3 per cent and 5.1 per cent respectively.
Nationwide rents have posted falls for 14 consecutive months and are 17.5 per cent lower than the peak in early 2008.
“The rental market is feeling the brunt of too much supply and not enough demand,” said Ronan Lyons, economist with Daft. “The number of properties available for rent is now over 23,000 – an all time high. This additional supply is having a downward effect on price and is also pushing out the time it is taking to rent properties”.
The Daft Rental Report is based on an analysis of all rental properties advertised on Daft.ie since January 2009, including 250,000 since January 2008.