Rent hits record-high as it is now €274 more than a month, the peak of the Celtic tiger

  • Rent hits record-high as it is now €274 more than a month, the peak of the Celtic tiger
    Independent.t. E.
    The monthly cost of rental housing reached an unprecedented high level, shooting at an average of €200 in some districts of the capital throughout the year
    https://www.independent.ie/business/personal-finance/property-mortgages/rents-hits-recordhigh-as-its-now-274-more-per-month-than-celtic-tiger-peak-37225104.html
    https://www.independent.ie/incoming/article37092050.ece/248f1/AUTOCROP/h342/15%20NEWS%20RENT%2078040770.jpg

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The monthly cost of rental housing reached an unprecedented high level, shooting at an average of €200 in some districts of the capital throughout the year

New figures from daft.t. E. today lay bare the dilemma faced by families who will be better off financially if they bought the house.

But the difficulty of saving a Deposit or getting a mortgage, or lack of properties to buy, continue to haunt the housing market.

This means that many of them are living in rent, and the rent continues to spiral wildly.

The average rental price across the country for three months to June amounted to €1300 per month, an increase of €274 per month for the previous peak, which came just after the boom in 2008. The cost of paying the landlord now €560 more per month than the lowest on the market rent at the end of 2011.

Costs are rising now at a double-digit pace in more than two years.

But rents are even higher in Dublin, where there is an average annual increase of 13.4 PC. The cost of rent in the capital now amounts to almost €500 ten years ago, a surge of 34pc.

Now about €2000 a month for accommodation in areas of Dublin.

In many areas of the capital the average rent will rise by approximately €200 last year.

Using the latest data brokers Ireland calculated that the difference between rents and costs on a mortgage now may be small.

Rachel McGovern, Director of financial services in brokers Ireland, said it shows in absolute terms how seriously will the owners lose financially.

She said it “demonstrates that for those with medium-and long-term interest in life in Ireland, it’s a no brainer that owning a home unlike renting one is the weighted financial financial ability – that is, if you can buy any property”.

“Household obtained at an affordable price is essential for growth in personal wealth in the long term.

“The lack of suitable properties available for purchase, this is a parody, it’s a failure of policy that will have long-term consequences.”

Frightening new figures also thousands of students will fight for accommodation in the upcoming academic year, and at the back, leaving the results of the exam.

Student unions said the young people will be priced out of third level education because of the crisis of the lease.

There was a crack the good news is daft.the report, i.e. with a slight increase in the number of properties for rent. Was 3,070 properties available nationwide on August 1.

This means an increase of almost 5pc on the same figure a year ago.

However, apart from this month, General availability is the lowest in the entire history of observations since 2006.

A small increase at the national level was driven by Dublin, where the availability has improved from 1,121 to 1397 compared with August a year ago.

Elsewhere, availability continues to fall.

Ronan Lyons, economist at Trinity College in Dublin and author of the daft.the ie report said construction of new homes appears to have its effect on the market sale housing.

However, this is not reflected in the rental sector.

“While urban apartments make up almost the entire volume of the need for new homes in the whole country, just 13pc of new homes completed in March of the year were city apartments. This means, it is not surprising that rents to rise again”.

Across the country, there is still a higher rate of interest than in Dublin, although from a lower base cost.

Outside the five main cities, rents have grown on average by 10pc.

In the rest of the country, it is now worth €909 per month to rent a property to live in.

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