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23 May 2022

'Record scarcity' of rental homes drives average rent rate up even higher in Kilkenny

New average rent in Kilkenny revealed after 12.1% rise in Q1 of this year

The average rent a tenant can expect to pay in Kilkenny now is €1,188 - according to the latest report from property website Daft.ie.

Renters faced average rent increases of 12.1% in Kilkenny for the first three months of 2022, compared to the same period last year. 

The current average listed rent of €1188 in the county is now up 99% from its lowest point.

Rent rates in Leinster's south-eastern counties collectively rose 13.2% year-on-year, reflecting very low availability.

Daft.ie noted that just 27 homes were available to rent on May 1, by far the lowest on record. 

The average market rent nationwide between January and March was €1,567 per month, up 2.8% on the last three months of 2021 and more than double the low of €765 per month seen in late 2011.

The sharp increase in market rents around the country reflects a significant worsening in the record scarcity of rental homes.

The recent fall in homes to rent is seen in all regions of the country, with an 81% fall in availability in Dublin and a 66% fall elsewhere in the country.

The report also includes an analysis of 72 multi-unit rental developments, which are estimated to have added at least 400 new rental homes in the last six months.

Of these, it is estimated that 82% are already occupied, with occupancy in the wider multi-unit rental sector estimated to be 95% in early May, up from 93% six months ago.

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...

"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."

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