Wexford rents rise to an average of €636 per month
Published 19/05/2016 | 00:00
Rents in Wexford rose by 6.3 per cent in the first three months of the year compared to the same period last year, according to the latest Daft.ie rental report.
The average advertised rent in Wexford stands at €636, up 16 per cent on the lowest point in 2013.
Nationally rents rose by two per cent, the latest increase bringing the national monthly rent to €1,006, the first time since May 2008 that the average rent has been above €1,000.
In Dublin, the annual rate of inflation in rents, in the year to March 2016, was 8.8% and rents in the capital are now 1.3% higher than their previous peak in early 2008. The highest rate of inflation countrywide was in Cork city, where rents rose by 16 per cent in 12 months.
There were strong gains in rents in the other cities in the year to March, with rents in Galway rising 12.7 per cent. Rents in Waterford city have risen by 11.1 per cent. Outside the major cities, rents have risen by 8.7 per cent in the last 12 months.
Ronan Lyons, economist at TCD and author of the Daft Report, said the severe shortage of rental accommodation has worsened in the last three months, a phenomenon reflected in rapidly rising rents in all parts of the country.
'With the formation of a new government, a top priority must be to address the lack of housing of all kinds, including homes to rent. This involves understanding the costs of construction, which are out of line with average incomes,' he said.