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D8 Rent prices reach the roof

Rent prices have risen on average by more than 11% in Dublin 8 since September last year, according to the latest report by property website Daft.ie.

Despite the Liberties being a designated “rent pressure zone”, a government policy that rent can only be increased each year by a maximum of 4%, prices have reached new peaks for the tenth consecutive quarter.

The figures are based on asking price for rental properties.

It now costs €1,625 for a one bedroom apartment in the Liberties, a 11.4% increase over a 12-month period Meanwhile the price of a 2-bed house has increased by 11.7% to €1,874.

A three-bed house in Dublin 8 will now set you back €2,191 each month, while a four or five bedroom will cost you €2,413 and €2,653 respectively.

Economist Ronan Lyons, author of the Daft rent report, said the falling size of a household means the country needs far more new homes built each year.

“Demographics — in particular falling household size but also population growth and urbanization — mean that the country needs not only far more new homes each than are currently being built but also that these new homes are predominantly urban apartments.” Lyons said.

“The majority of those new urban apartments will be for the rental sector, either market or social, which is what the country’s housing system needs — the question now is whether it will get it,” he added.

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