Rents increase by almost 14% amid 'chronic shortage' of housing.
All parts of the country were experiencing substantial year-on-year increases in open market rents.In the year to December, the rate of inflation in Dublin was 13.1%, Cork City was 14.9%, Limerick City was 18.9% and Waterford City was 20.2%.Nationwide there were just 1,096 homes available to rent on February 1st - down over 20% on the same date a year ago, and roughly one-quarter the average level of availability during 2015 to 2019.
The figures relate to open market rents, but the report also includes an index of rents paid by sitting tenants.Since the introduction of Rent Pressure Zones in 2016, rents of sitting tenants have increased by 19% on average, compared to an average increase in open-market rents of nearly 75% over the same period.Ronan Lyons is Associate Professor of Economics at Trinity College Dublin and author of the report.
"The extraordinary collapse in availability over the past two years has brought about record increases in open market rents.Ronan said housing has now established itself"as the dominant political issue in recent years." "This in turn will mean more homes in the rental sector and thus a more tenure-neutral housing policy is required.
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