Rents in Dublin down due to pandemic

The Covid pandemic has contibuted to rents in Dublin falling according to the latest report from property site Daft.

The report revealed that rents in the city centre fell 2.3% in the third quarter compared to last year as supply increased.

Average rents in the city centre were €2,035 a month in the third quarter.

In comparison, the average monthly rent across the country was €1,419.

Dublin rents in the third quarter were 0.8pc lower than this time last year.

According to Daft this is the first year-on-year fall since 2011.

Ronan Lyons, assistant professor in economics in Trinity College, and author of the Daft.ie report explained the findings.

“In most parts of the country, the stock of homes available to rent continues to fall and is at all-time or close to all-time lows, in a series stretching back to January 2006,” he said.

“In Dublin, however, availability has doubled in the last year and with it, rental inflation has come to an end.

“The respite in Dublin’s rental sector is down to Covid-19, which has brought about a once-off redistribution of a couple of thousand properties from the short-term lettings segment to the long-term rental segment.

“The glut in Dublin supply does not, however, signal that policymakers can ‘take the foot off the pedal’ and congratulate themselves on a job well done.”