Rent prices in Meath up 125 per cent

The latest rental price report by the property website, Daft.ie, says that rents in Meath were on average 9.8 per cent higher in the final quarter of 2021 than a year previously. The average listed rent is now €1,525, up 125 per cent from its lowest point.

Rents in Dublin's commuter counties rose 9.1 per cent year-on-year, reflecting very low availability. Nationwide rents in the final quarter of 2021 were an average of 10.3 per cent higher than the same period in 2020, with the average monthly rent nationwide between October and December at €1,524, up three per cent on the first quarter and double the low of €765 per month seen in late 2011.

The sharp increase in rents around the country reflects a worsening of the unprecedented scarcity of rental homes. Nationwide, there were just 1,397 homes available to rent on 1st February, a new all-time low in a series that extends back over 15 years to January 2006.

Today (Tuesday), there are just 27 properties for rent across Meath on Daft.ie.

Ronan Lyons, Associate Professor of Economics at Trinity College Dublin and author of the Daft Report, said: "The strong rebound in economic activity, as public health restrictions relax, has translated into a strong demand for rental accommodation. Coming at a time of very weak rental supply, this has pushed rents up further, with inflation at its highest rate nationwide since early 2018. The number of live rental ads is at its lowest ever on record, with fewer than 1,400 live ads on 1st February".

IPAV, the Institute of Professional Auctioneers & Valuers, said the report while important, does not reflect the market in its entirety.

Pat Davitt, chief executive, said given the very high demand for properties many auctioneers no longer have the need to advertise properties on portals to secure rents.

"And we do not know, as yet, how many of these rentals are within RPZs but are exempt from the RPZ rules, either because it is a property new to the rental market or a property coming onto the rental market which has not been let in the previous two-year period."

Mr Davitt has for some time been seeking a breakdown of RTB figures to reflect the levels of rents currently been charged for all rental properties, not merely new rentals in each quarter which is captured in the Daft.ie report.