Image: Leah Farrell/RollingNews.ie Image: Leah Farrell/RollingNews.ie ALMOST TWO-THIRDS of prospective renters have said that the current rise in the cost-of-living has affected their ability to rent a property, according to a new survey.
45% said their ability to renovate or do other building works to their home has also been affected by rising costs. The survey also suggests that the impact of property price inflation and the rising cost-of-living may have tempered people’s expectations on price hikes in the next year. It follows a 14.1% price increase over the past year, with prices in Dublin rising by 11.8% and prices outside Dublin up by an average of 16.0%.
Even though interest rates have recently risen, they are still relatively low and it remains to be seen how much of these increases will be passed on by the banks. Given employment levels are at an all-time high, the demand dynamic in the market remains very buoyant in spite of cost of living increases. Meanwhile, a report by Daft.ie published earlier this month found that rents in the second quarter of this year climbed to an average of 12.6% higher than the same period of 2021.
Geary said that overwhelming negative sentiment about the rental market was having a knock-on effect across the entire property market.
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