The property rental market in Ireland in 2023 is continuing its competitive trend from the previous year. In the first quarter of 2023, market rents were on average 1% higher than in the final three months of 2022, which is the smallest increase since 2020.
The average market rent across the country between January and March was €1,750 per month. This is a significant increase compared to the first quarter of 2020 when the average rent was €1,387 per month. It’s worth mentioning that the rental market has come a long way since late 2011 when the average rent was as low as €765 per month.
Since the reopening of society after the COVID-19 pandemic, there has been a “phenomenal” surge in demand for rental homes combined with a decrease in available housing stock. This has created a challenging situation for prospective tenants in finding suitable rental properties. The combination of increased demand and reduced supply has led to the increase in rental prices observed in Dublin, Cork City, and Galway City.
On 1 May, there were only 959 homes available for rent across the entire county. While this number has increased by 13% compared to the same date last year, it is still one of the three lowest totals for availability at the start of the month since 2006.
Regarding monthly rent in Ireland, the cost can vary depending on whether you live in a city or a town. Generally, rent tends to be higher in cities due to higher demand and limited availability. In contrast, rental prices in towns may be more affordable. It’s essential to consider location when determining rental costs in Ireland.
In Dublin, the average monthly rent was €2,337, which reflects an 11.2% increase compared to the previous year. Cork City had an average rent of €1,731, showing a 7.7% increase, while Galway City had an average rent of €1,772, reflecting an 11.8% increase. These figures demonstrate the upward trend in rental prices in major cities in Ireland.
Our Home Search consultants are some of the best in the business and have excellent contacts in the industry. They are continually out in the field conducting home searches across Dublin. They have the latest and most up-to-date information on how the market is performing and where the best properties are that most closely match your requirements. So, yes, it is a fiercely competitive market, but please do not worry, we are here to help, remove the stress, save you time, and offer expert, honest, and supportive advice throughout the entire process.
Finding a new home is one of the most challenging aspects of an international relocation but we will work with you to make the process as quick, efficient, and as enjoyable as possible. Contact our friendly team to see how we can help you!