Irish residential rents across the country fell by less than 1% between April and June, according to the latest report published by the property website Daft.ie. Student rents are down for a third straight year.

In July, the average asking rent in the country was just over €835 per month, down 5% on the same time last year. Rents have fallen on average by 27% from their peak levels.

In the second quarter of the year, rents fell by between 1% and 3% in Dublin, Cork and Waterford city centres. In Galway city and Limerick city, rents increased by up to half a percent, while elsewhere in the country rents fell by 1% on average. Commenting on the report, Ronan Lyons, Economist with Daft.ie said, "The year-on-year fall in rents is now at its slowest pace in two years, suggesting that the rental market may be close to stabilising. Nonetheless, the total stock of properties available to rent remains high, which means we are unlikely to see rents rising rapidly in the near future."

Lyons said with Leaving Certificate results out yesterday, the latest figures will be welcome news for new and returning college students. This is the third year in a row that rents have been lower than the previous year. Compared with 2007, a typical student renting a two-bedroom property could expect to save between €1,500 and €4,000 over the course of the academic year.

The cost of accommodation for students still varies significantly around the country, with the average cost for a double room in Dublin city centre about twice the cost of renting in Athlone, Castlebar and Tralee.

Gary Redmond, President of the Union of Students in Ireland, in a comment article in the report said: "When the first round of CAO offers is published on August 23, thousands of students and their parents will take to the streets to begin the hunt for accommodation. Competition to find quality accommodation, particularly in the large cities and towns, can be fierce. One simple piece of advice that I would recommend to all students is be proactive and start the search early, as it is my experience that the students out of traps early invariably get the choice of the best quality accommodation, closest to their college at an affordable price."

He said to avoid difficulties at the end of the tenancy, USI recommends that all students use a USI Rent Book (available from USI) as proof of all payments and agree a schedule of the contents of the property.

Daft report

Universities and ITs ranked by average cost of double room