Property
Irish students face rising rents and 40% fewer properties available
By Michael Hennigan, Finfacts founder and editor
Aug 19, 2014 - 8:09 AM

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There are almost 40% fewer Irish properties available to rent compared to this time last year according to the latest quarterly Rental Report by Daft.ie. Nationally, rents have risen by over 10% in the space of twelve months with the national average rent now €915 compared to €825 a year previously.

Rents rose in every county, bar Donegal, and all city centres experienced rise of between 3% in Waterford and 17% in Dublin. There are now 6,800 properties available to rent across the country, down from 11,000 in August 2013.

Domhnall McGlacken-Byrne, Trinity College Dublin Students' Union President has stated that this is a "source of alarm" for prospective tenants and suggested that "Non-EU students might well choose to pursue their studies elsewhere".

Commenting on the report, Ronan Lyons, economist at TCD and author of the Daft Report, said: "For students looking for accommodation, the 2014/2015 academic year is likely to prove one of the toughest for over a decade. The imbalance between supply and demand is particularly acute in Dublin, where rents are closer to their 2007 peak than their lowest point in 2010. In a market like this, it is easy to panic so it is important that prospective tenants do their research ahead of making any decisions."

Year-on-year change in rents - major cities, Q2 2014
Dublin: €1,345, up 17.2%
Cork: €866, up 7.4%
Galway: €845, up 6.7%
Limerick: €682, up 6.3%
Waterford: €608, up 2.8%

Domhnall McGlacken-Byrne, TCD Students' Union president, in a commentary in today's report added: "These abstract figures are easiest considered in the context of their translation to students' lives. A 15% increase for the student formerly paying €500 a month for his or her share of a Dublin city centre home corresponds to €75 that must be conjured from somewhere: for example through a few extra evenings a week spent working a part-time job instead of studying.

To think further downstream again, well-publicised doubts cast on the supposedly diminishing quality of the Irish graduate, by job-generating multinationals such as Google, come to mind: hours spent commuting or working on the side are hours lost from the library and lost from the lab. How can grades be expected not to decline, mental well-being not to suffer, all-important retention rates not to be damaged? One ultimately sees the far-reaching ramifications of these economic developments on the quality of the product of our higher education system, a product on which collective hopes for economic recovery are pinned."

Report [pdf]


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