News

The availability of rental properties

21 May, 2015

The latest daft report shows that the national stock of rental properties was 24,000 in 2010. Last year the number of properties had dropped to 7,000 which means that there are over 70% less properties on the market and available to rent. Whatever the reasons for this drop the effect is for an increase in rents.

Daft.ie says that the average rent in Cork city is €911.

Our agency has seen rents for 3 bed semi detached houses increasing to €1,100 per month. 2 bed apartments are now routinely achieving €1,000 per month with more modern units matching 3 bed semi's at €1,100. 3 bed duplexes near the city centre now seem to be achieving €1,200 per month, well above the above mentioned €911.

As rents increase, tenants are less likely to move and the stock coming on the market tightens further.

There are 'green field' sites in the Cork city area which are not being developed yet so the supply side does not look like improving in the short to medium term.

The lack of supply is causing issues for tenants as alternative accommodation is not easy to find and property management agencies in Cork are noticing the results.

What does all this mean for the rental market? Only time will tell...