Rent rises by 16% in Kilkenny

Galway Bay fm newsroom - Rents in the county have risen by nearly 5 per cent in the space of three months.

Nationwide, rents rose by an average of 13.4% in the first quarter of this year.

"And with just over 3,000 rental homes available to rent in May 2017, we urgently need some affordable rental supply, we need to urgently get affordable homes onto the market".

In Waterford city, rents have risen by 10.2% in twelve months, while outside the cities, rents have risen by 13.2%. In Cork, rents rose by 10.4% in the year to March, the tenth quarter of double-digit growth in rents.

The cost of renting has now risen in money terms by more than 50 per cent from its lowest point during the recession.

The cost of renting a home in Clare is continuing to rise, though at a slightly slower rate than the national average.

In the rest of Limerick, rents were on average 9% higher in the first three months of 2017 than a year previously.

When compared to the same period previous year, rents in the city have increased by nearly 11 percent and have increased by 14 per cent in the county.

Martin Clancy, PR & Communications manager with said: "We're recording big increases in activity on site and on average over 1,000 property searches are taking place every minute on". Tenants are under huge pressure, and those people who are dependent on the rental system for their housing needs are looking at rents that are up to 15% higher than the Celtic Tiger peak with the lowest number of properties to rent since 2006.

Author of the report and Trinity College lecturer Ronan Lyons said: "The rental market has, for over five years now, shown increasing signs of distress, with stronger demand but weaker supply each year".

However, Stephen Faughnan of the Irish Property Owners' Association claimed that the State has "punished landlords that kept their rents low".



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