How progressive rents have soared in Dublin since Brexit
Progressive rents have surged in Dublin over the past 12 months, according to figures from the Irish Property Council.
The figures show that the number of landlords who rent to tenants of lower-earning backgrounds has more than doubled since last year.
The council said the growth in rents is the result of a combination of increased demand for apartments and a shortage of rental accommodation.
Rents rose by almost 6% in the last financial year, which is nearly double the 2.5% average over the last decade.
The council has been working with the local government and the local authority to reduce rents in Dublin, which have risen by about 3% per annum since the start of the financial year.
“The increase in rents in 2017 is driven by an increased demand to live and work in Dublin,” said Jim Flanagan, the council’s chief executive.
“This demand is driven primarily by the growth of the Dublin metropolitan area, and the availability of lower income housing in the city.”
The figures show the number and percentage of landlords renting to tenants who are below the lowest-earner income threshold has more then doubled since 2016.
Since the Brexit vote, Dublin has seen the number for landlords renting from households below the minimum income threshold rise by more than 30%.
In January, the number was more than four times higher.
In 2016, the rate of increase in landlords renting in Dublin was 5.9%.
This year, it is nearly four times the rate.
There are currently more than 200,000 landlords renting apartments in Dublin.
In total, the city’s rent market is expected to be worth €6.7 billion this financial year according to the National Rent Survey.
A spokesperson for the council said that although the council has worked with the housing association to improve the rental housing market, the growth is also driven by a shortage in rental accommodation in the capital.
Irish property council chief executive Jim Flanaggan.
Source: The Irish Independent/Reuters
