Rents in Meath up almost 10 per cent

Rents in Meath during the first quarter of 2022 were up 9.5 per cent on the same period last year according to the latest report on the rental market in Ireland by property website

The average rent asked for new rentals in Meath is now €1,551, up 128 per cent from its lowest point. The rate of increase is above the average increase of 8.8 per cent in Dublin commuter counties but below the national average increase of 11.7 per cent.

The report found that the average market rent was €1,063 for a one bedroom apartment in Meath; €1,270 for a two-bedroom house; €1,469 for a three-bedroom house; €1,686 for a four-bedroom house and €2,056 for a five-bedroom house.

Today there were just 16 properties advertised for rent in Meath on the website highlighting the chronic shortage of rental properties in the county. There were just two properties in Navan town and none advertised for Trim or Kells.

The sharp increase in market rents around the country reflects a significant worsening in the record scarcity of rental homes. Nationwide, there were just 851 homes available to rent on 1st May, down from over 3,600 a year ago and another new all-time low in a series that extends back over fifteen years to 2006.

In Dublin's commuter counties, there were just 76 homes available to rent on 1st May.

The report also includes an estimate of the trend in rents for sitting tenants since 2010, as compared to new tenants paying market rates. While inflation in market rents is currently above 10 per cent, and market rents have doubled over the past decade, ‘stayer’ rents have increased by just 1.5 per cent over the past year and by less than 40 per cent over the past ten years.

Commenting on the report, Ronan Lyons, Associate Professor of Economics at Trinity College Dublin and author of the Daft Report, said: “The latest figures confirm the overall strength of demand for rental accommodation in Ireland. While strong demand for housing reflects underlying economic health, it becomes a challenge when there is inadequate supply to meet it.

"In Ireland’s case, the economy has suffered from an under-provision of new rental accommodation for over a decade. As a result, market rents have doubled and, as shown in this latest report, rental homes have become unbelievably scarce. New figures confirm that sitting tenants have experienced much smaller increases in rents – both during 2021 and over the last ten years. Thus, the focus for policymakers must remain on creating the conditions for tens of thousands of new rental homes – market and social, all across the country – to be built over the coming years.”