Latest Daft.ie report indicates recovery in Irish rental market
Brian Fallon, Director, Daft.ie with Austin Hughes, Chief Economist, IIB Bank
18th May 2005, Daft.ie, Ireland's biggest property site, today released its Daft Report for Quarter 1, 2005 providing an overview of recent trends in the Irish rental market and an in-depth analysis of rental performance across all major Irish cities.
Key findings in the report indicate that after three years of steady decline of between 6% and 8% per year, rents countrywide are almost back at 2003 levels with this recovery set to continue for the next quarter.
The report provides a detailed analysis of average time to let and vacancy periods across the country and suggests that with an average vacancy period of less than one week, August is the best month to rent property. Galway and Limerick prove the only exception to this with September providing minimum vacancy periods.
A useful breakdown of average rents by postcode in the Dublin market is also provided in the report with Dublin 4 (Ballsbridge, Donnybrook etc), Dublin 2 (city centre south of the Liffey) and Dublin 6 (Rathmines, Ranelagh etc) proving to be the most expensive areas to rent and Dublin 10 (Ballyfermot) and 17 (Darndale, Balgriffin) at the cheaper end of the scale. The average rent for a one bedroom property in Dublin 4 is €1,018 per month versus €713 per month in Dublin 17.
The report also includes a feature on the house-sharing market and is an essential guide to anyone planning to finance a mortgage through the rent-a-room scheme. It shows exactly how much you can expect to get based on where you live.
Commenting on the launch of the report Brian Fallon, Director, Daft.ie said "As the single largest source of unbiased data on the Irish Rental Market, we expect this report to be very useful to just about anyone with an interest in the Irish property market. In clear and simple language you can compare your property to average market rates in a particular city or post code."
Included in the report is a guest commentary from Austin Hughes, Chief Economist IIB Bank "These are very encouraging numbers in terms of the outlook for the Irish property market. After unprecedented levels of housebuilding in the past year, emerging signs of a firming in rents indicate how healthy demand for rented property is at present. We think this reflects the general strengthening of activity in the Irish economy, and, in particular, the phenomenon of rapid inward migration in to Ireland."
"While the figures show an improving rental picture countrywide there are clear divergences between the pace of improvement in different areas. So, for example, it may be that specific factors such as the arrival of the LUAS are boosting rents in areas of Dublin close to the line. What this suggests is that the choice of rental property is becoming increasingly important to the return investors in the 'buy to let' sector are likely to enjoy".
Daft.ie is Ireland's biggest property website with over 600,000 visits per month and in excess of 12,000 properties on the site at any one time. Since its inception in 1997, Daft.ie has become synonymous with renting property in Ireland. Each year over 75,000 rental properties are advertised on Daft. These properties are sourced from over 900 estate agents and 34,062 registered landlords around the country.
For further information please contact:
Jennifer Mooney, Marketing Solutions,
053 26789, 087 833 6450
Notes to the Editor
Daft.ie, Ireland's biggest property site has been providing low-cost online advertising to the Irish property market since 1997 with a primary focus on first-time-buyer properties for sale, house shares and property to let.
Established by two brothers Eamonn and Brian Fallon, Daft.ie has become the country's biggest property portal with over 26,000 properties available for sale or let at any one time. The site currently delivers 13 million pages of properties a month to over 600,000 visitors. Eamonn and Brian were also finalists in the 2004 Entrepreneur of the Year Awards.