Apartments under construction in Dublin: a lack of new supply is pushing up rent inflation in the capital. , the property website. Annual rental inflation across the State at 7.2 per cent is a multiple of the general rate of inflation and, after a period of slowdown, the rise in rental costs in Dublin has accelerated again.
Much of this comes back to supply. Outside Dublin, a severe lack of new rental properties led to a double digit growth in rentals in many areas last year, with some moderation now to 8.9 per cent. In Dublin, there was a more modest 2.6 per cent rise in 2023, but this has now doubled to an annual rate of increase of 5.2 per cent.
In other words trends across the State appear to be converging to annual increases in the high single figures on rental rates which are already unaffordable for many. Nationally, the average cost of new rentals is €1,935 and in Dublin it is €2,476.ties the revival of inflation in Dublin to a drop off in new private rental supply.
The Position of Spoons by Deborah Levy: Essays from a writer who delves deep inside life’s gory realitiesGate Theatre stages classic children’s stories for Christmas: see human beans and under-the-floorboards BorrowersAll the parties have proposals on rental in their manifestos. However, the focus of the debate is on increasing the supply of homes to buy and helping people to do so, while also increasing the provision of affordable properties for those who cannot pay market prices.
The housing crisis will not be fixed without addressing the rental market. The Commission on Housing had some useful proposals here in terms of encouraging supply, the funding of social rental models and how to operate rent controls in a way that does not undermine private investment. .