In Wicklow, Market Rents Were 8.4% Higher In Q2 2024 Than Last Year.

• Market rents rose by an average of 2% in the second quarter of 2024.
• This marks the fourteenth consecutive quarter in which rents nationwide have increased and the 45th time in the last 48 quarters.
• The average open-market rent nationwide in the second quarter of the year was €1,922 per month, up 7.3% year-on-year and 41% higher than before the outbreak of covid19.
• Inflation in market rents remains significantly lower in Dublin than elsewhere in the country.
• In the capital, rents in the second quarter of the year were 3.5% higher than a year earlier, while elsewhere in the country, they were on average 10.6% higher.
• Market rents rose particularly sharply in Limerick City (up 21% year-on-year) but the three other cities also saw double-digit increases, ranging from 13% in Galway to 10% in Waterford.
• Outside the cities, the rate of increase was similar, on average, between 9.3% in Munster and 10.5% in Connacht-Ulster.
• As has consistently been the case in recent years, availability on the rental market remains extremely tight.
• On August 1st, there were just over 2,200 homes available to rent across the country, effectively unchanged on the same date a year previously and half the 2015-2019 average of 4,400. 

In Wicklow, market rents were on average 8.4% higher in the second quarter of 2024 than a year previously. The average listed rent is now €2042, up 42% from the level prevailing when the covid19 pandemic occurred.

Nationwide, market rents rose by an average of 2% in the second quarter of 2024, according to the latest Rental Report by Daft.ie. This marks the fourteenth consecutive quarter in which rents nationwide have increased and the 45th time in the last 48 quarters. The average open-market rent nationwide in the second quarter of the year was €1,922 per month, up 7.3% year-on-year and 41% higher than before the outbreak of covid19.

Inflation in market rents remains significantly lower in Dublin than elsewhere in the country. In the capital, rents in the second quarter of the year were 3.5% higher than a year earlier, while elsewhere in the country, they were on average 10.6% higher. Market rents rose particularly sharply in Limerick City (up 21% year-on-year) but the three other cities also saw double-digit increases, ranging from 13% in Galway to 10% in Waterford. Outside the cities, the rate of increase was similar, on average, between 9.3% in Munster and 10.5% in Connacht-Ulster.

As has consistently been the case in recent years, availability on the rental market remains extremely tight. On August 1st, there were just over 2,200 homes available to rent across the country, effectively unchanged on the same date a year previously and half the 2015-2019 average of 4,400. 

“Ideally, more than a decade into a rental housing shortage, we would be talking about the gradual spread of the solution, rather than a return to the core problem. The solution is new supply of market rental homes, in large volumes, in each and every rental market in the country."

Ronan Lyons, Associate Professor of Economics at Trinity College Dublin.

Average market rents, and year-on-year change, 2024 Q2

• Dublin: €2,427, up 3.5%
• Cork city: €2,005, up 11.9%
• Limerick city: €2,107, up 21.2%
• Galway city: €2,114, up 13.3%
• Waterford city: €1,616, up 9.9%
• Rest of the country: €1,573, up 9.9%

The full report along with all previous reports are available from www.daft.ie/report and include commentary by Ronan Lyons, Associate Professor in Economics at Trinity College Dublin and author of the report, as well as figures on rents paid by sitting tenants, and analyses of affordability and residential yields around the country.