We all know anecdotally that renting in the capital is a pretty bleak state of affairs, and now these new figures have confirmed our suspicions.
This is pretty grim reading. According to RTÉ News, figures from the Private Residential Tenancies Board show that rents in Dublin are now higher than they were in 2007.
That’s right, rent in Dublin is now higher than it was at peak Celtic Tiger time. Let that sink in for a minute.
After the 2008 crash, rents dropped nationwide by 25% in 2012, but this didn’t last long and rates have risen in different parts of the country at different rates.
Across the country, rents are 10% higher with house rental rates going up by €64 and apartments going up by €67.
You can see the clear spike in Dublin prices though, with a €124 increase for a house and €105 for an apartment.
David Duffy, a senior researcher with the ESRI said there is a problem with affordability in the rental sector, due to a strong demand and a very limited supply of properties.
We’re devo.
