Renting in Ireland is an extraordinary and surprisingly busy sector to be involved in. A sector that is shrinking at an exceptional rate. But only by individual growing…not by choice.
Recent surveys actually show that the number of available rental properties are at the lowest they have been in recorded history, while at the same time, less than one-third of people renting their homes are renting by choice.
The majority of individuals in rental properties are in it because they either can not afford the mortgage on available homes or have been denied social housing.
Renting is at best, the third choice.
The burden on individuals and families of paying rent also causes for a demanding financial pressure to be put on these renters as ⅓-½ of their paycheck is often seen taken by rent expenses.
Making it a difficulty for individuals to even get into the renting sector as a large portion of their income will essentially be given up.
However, it’s even increasingly difficult for someone looking to branch out of the renting sector to save the allocated money to do so.
Just as well, many renters often experience a regular increase in their rent payments. Perhaps the cause of why so many renters are reporting that they have been renting for five consecutive years and continue to expect that they will still be renting five years into the future.
The latest Draft.ie report had some exceptional findings, however.
It was reported that for the fifth consecutive quarter, rents had jumped to a new record high.
Currently, they are being recorded at €1,159 per month. This, being an 11.8% jump in just a six-month span.
Now, however, another jump has occurred.
Rents are up to €1,707 per month. All due to the saddening and concerning lack of supply of homes.
In fact, since the beginning of recording such data, Ireland is, for the first time, experiencing rental properties to be below 3,000 homes. 1,100 properties available in the Dublin area alone.
This, making it hard even for those on their third option for housing to find a place to live.
In Dublin, there has been the most impressive jump in rents of a 12.3% hike in a six-month span. This, being 18% higher than the previous peak that was seen in 2008.
However, when looking outside of Dublin the situation does not much change. Substantial price hikes are being seen all over the country causing difficulty for people to find homes/rental properties elsewhere.
It is foretasted that these trends will be continuing and the people of Ireland will continue to fight for their place in a home and when that doesn’t work, for a place to rent.
