Rent prices rose by 12.6 percent in one year, Daft.ie report finds

Rent prices across the country have risen by 12.6 percent from the same time last year, according to the latest Daft.ie report.

This increase comes after the Q1 2022 report which showed an increase of 9.2 percent.

These sustained rent increases continue despite approximately three-quarters of tenancies are located in Rent Pressure Zones, where annual increases are capped at two percent.

John Mark McCafferty, Chief executive of housing charity Threshold said the increases have been particularly severe in areas not protected by the RPZ rules: “In Donegal, Leitrim and Longford for example, increases range from €140 to €165 a month.

“This is the cost of a child’s uniform or their schoolbooks for a new school year and is resulting in increased financial strain on families already struggling to pay the bills.

“Those looking to rent a room have experienced unjustifiable increases in rents with prices up an average of 15 percent year-on-year in every large town and city in the country.

“Those renting a single room will pay approximately an extra €100 month compared to last year, at a time when inflation is almost 10 percent.”

Threshold said that private rental costs will have a particularly adverse impact on students returning to college, or those starting college for the first time this year.

Even the cheapest room on offer exceeds the SUSI grant and what a student can make while working part time.

For this reason, students are warned to be aware of scams and fraudulent adverts.

Students should check the authenticity of providers, visit the accommodation and check that keys work in the doors before committing financially to accommodation prior to the start of this college year.

They should not transfer funds in person, via bank transfer or through a company to someone claiming to be an agent or landlord of a prospective property without verifying their bona fides, Threshold advises.

“Threshold hopes to see enhanced supports for renters in the forthcoming Budget, as well as tax changes for landlords which are linked to improved security of tenure for tenants and their families,” McCafferty added.