It’s a familiar tale at this stage.
Renting in Ireland, particularly in cities like Dublin and Cork is a tough game.
The latest report from property website DAFT makes for miserable reading for people looking to make that first leap into the rental market.
Unsurprisingly, the most expensive area to rent in is South Dublin City at an average of €1,663 per month, while good ole Roscommon is the place to be if you want cheap accommodation with rents sitting at a very nice €473 per month.
Economist Ronan Lyons has said that the rental market right now is highly unusual:
“There is nothing normal – or indeed sustainable – about inflation in rents of 10%. This is particularly the case, given that the rate of inflation in the wider economy is close to 0%. In other words, if this situation persisted into the future, the average household would have to devote an ever greater share of its income, just to pay its rent.”
Here’s a comparison of national rent rates:
It’s also looking like it may be more financially sensible in some cases to apply for a mortgage rather than renting, as these figures from Dublin show.
Just look at the difference between a mortgage and renting in Galway and Waterford. For those who are able to commit to it, a mortgage might just make more sense.
Check out the nationwide map to see how you fare:
