Rent in Waterford continues to rise, as figures in the latest Daft.ie Rental Report show weak supply in the face of very strong demand.
In Waterford City, rents have risen by 10% in the last year and the average rent is now €1164. In the rest of Waterford, rents were on average 15.9% higher in the third quarter of 2021 than a year previously. The average listed rent is now €1148, up 102% from its lowest point.
Rents in Munster rose 15.6% year-on-year, reflecting a sharp fall in availability - just 170 homes were available to rent on November 1, down 40% compared to a year ago.
Market rents rose by an average of 2.6% in the third quarter of 2021 nationwide, the third quarter in a row of rents rising by at least 2%.
National shortage of supply
According to Daft.ie, the increase in rents around the country reflects an on-going and unprecedented scarcity of rental homes. Nationwide, there were just 1,460 homes available to rent on November 1st, an all-time low in a series that extends back to January 2006. There were just seven places to rent in Waterford City on August 1st, according to Daft. More on this here.
The report says that in Dublin and in the other cities, the stock of homes to rent is between 70% and 80% lower than a year ago.
Outside the cities, availability continues to fall – with just 559 homes to rent, down almost half on a year ago.
Across the country as a whole, market rents are now 6.7% higher than a year ago – the highest rate of inflation since early 2019.
Key points from Daft.ie report
- Waterford City, rents have risen by 10% in the last year and the average rent is now €1164
- Waterford County, rents were on average 15.9% higher in the third quarter of 2021 than a year previously.
- National rents have increased by 6.7% - the strongest year-on-year increase since early-2019
- On November 1st there were just 1,460 homes available to rent in Ireland
- Rents in Munster are now 15.6% higher than a year ago
- The surge in rents in the first half of the year 2021 means that rents in Connacht-Ulster are now 18.8% higher than a year ago, the strongest rate of inflation on record back to 2006.
