Callum Lavery
RENTAL prices in Dublin have risen by 10.9 per cent according to the latest report by property website Daft.ie.
The average advertised rent in the city now stands at €1,968, up by 96 percent since its lowest point in 2011.
In areas such as Swords and Balbriggan new renters are being expected to spend between €1,600 and €1,800 on new accommodation.
In Swords this is a 10.1 per cent increase higher than the same period last year.
Dublin Fingal TD Louise O’Reilly (SF) said the latest figures reflect how inaccessible the cost of renting is to new entrants to the market.
“The Housing Minister is failing new entrants to the rental market,” she said. “Asking prices for new ‘lets’ are very clearly forcing working families out of the market and this is adding to the housing affordability crisis as well as the ability of young families to save for a deposit for a mortgage.”
Deputy O’Reilly said the time for a measured response to the crisis has long passed.
“We need to see an immediate three-year rent freeze introduced and tax relief for tenants,” she said.
“The Residential Tenancies Board (RTB) needs additional power and resources to investigate rent hikes. This must be done in tandem with the roll out of an affordable rental scheme.”
Deputy O’Reilly also criticised the inability of previous budgets to amend the worsening rental crises.
"Budget 2019 has come and gone and instead of implementing a rent freeze and granting tax relief for tenants, the Government instead granted tax relief to landlords,” she added.
“Tenants and enforcing tenant rights remain bottom of the pile for this Government.”
A spokesman for the Department of Housing, Planning and Local Government said the department acknowledges that the current situation is far from ideal but that measures are being put in place to limit rental costs.
“While rents for existing tenants seem to be in line with Rent Pressure Zone legislation, the Government recognises that people are paying too much in rent and this has to be better controlled,” he told Northside People.
“This is why the Government will shortly introduce new rent protection measures into the Dáil.”
The measures will include:
•Making it an offence for landlords to implement rent increases that contravene the law around rent limits (4 percent per annum) in Rent Pressure Zones (RPZs);
•Providing powers to the RTB to investigate and prosecute landlords who implement such increases;
•Allowing the RTB to initiate an investigation without the need for a complaint to be made; and
•Significantly extending the notice periods for tenancy terminations by landlords.
The spokesman said the Government will also continue to pursue measures to see longer leases and tenant protections when properties are sold, and new regulations on homesharing have recently been announced.
“All of these new measures will help us move closer to a more stable and more mature rental sector,” he added.
Meanwhile, Assistant Professor of Economics at Trinity College Dublin Ronan Lyons said the latest report would surprise few that are familiar with the current market.
“Once again for the 25th consecutive quarter rents have risen,” said Mr Lyons.“Once again for the 10th consecutive quarter both a new record high for rents has been set and the year-on-year rate of inflation is above 10 percent.
“As things stand, the number of people in rental accommodation is roughly 50 percent larger than ten years ago. This means that, if 4,000 homes were needed to be listed every month for Dublin’s rental market to be in equilibrium a decade ago, then 6,000 are needed now. Dublin is currently seeing only 2,200 per month.”