Donegal rents up 53% from their lowest point

Rents in Donegal were on average 14.6% higher in the second quarter of 2021 than a year previously. The average listed rent is now €744, up 53% from its lowest point.

That's according to the latest Rental Report by Daft.ie. which is out today (Tuesday).

Rents in the three Ulster counties rose 13.9% year-on-year, reflecting a sharp fall in availability - just 54 homes were available to rent on August 1, down almost 60% compared to a year ago.

Rents in the second quarter of 2021 were an average of 5.6% higher than the same period in 2020.

The average monthly rent stood at €1,477 in the second quarter of 2021, up 2.4% on the first quarter and almost 99% from a low of €742 per month seen in late 2011.

There continues to be significant differences in trends across regions.

In Dublin, rents rose for the second consecutive quarter, by 1.4% between March and June, but are just 0.5% above the level seen a year ago.

The other cities, however, have seen much larger increases in rents: in Cork, Galway and Limerick cities, rents are between 9% and 10% higher than a year ago, while in Waterford, they are nearly 12% higher.

Outside the cities, rents rose by 8.6% in Leinster, by 13.7% in Munster and by 14.7% in Connacht-Ulster.

The sharp increases in rents reflect an unprecedented scarcity of rental homes.

Nationwide, there were just 2,455 homes available to rent on August 1, an all-time low in a series that extends back to January 2006.

On average over the past fifteen years, there have been nearly 9,400 homes available to rent at any one time, while the 2015-2019 average was almost 3,900.

The full report is available at: chrome-extension://gphandlahdpffmccakmbngmbjnjiiahp/https://ww1.daft.ie/blog/wp-content/uploads/2015/02/Daft-Rental-Price-Report-Q2-2021.pdf