Waterford experienced a 20.2% rent increase in 2022, the highest out of all Irish cities.
That's according to the latest daft.ie report, which shows rent in Waterford city is now €1,432 on average per month.
Speaking on Déise Today, founder and managing director of Liberty Blue estate agents, Regina Mangan, explained the government are not making progress.
"40% of our sales last year [consisted] of landlords exiting the market," she said, "there are a number of reasons why they are exiting.
"The government are not making any meaningful change; they are giving credits for washing machines. That is not good enough as far as I am concerned".
The rest of the country saw rent increase to an an average of €1,318, up 13.8%.
Average market rents, and year-on-year change, 2022 Q4.● Dublin: €2,324, up 13.1% year-on-year● Cork city: €1,768, up 14.9%● Galway city: €1,796, up 19.4% ● Limerick city: €1,673, up 18.9% ● Waterford city: €1,432, up 20.2%
Regina continued to explain, "At the moment we have 11 properties to rent in Waterford City, that is not enough to supply the demand.
"There is currently an embargo on notices to quit until the end of March, which means should this be lifted at the end of April, we will have more landlords exiting the market.
"We are seeing landlords entering the market that do not operate on the same principles as other landlords, and that is the message we are trying to get across.
"You can only increase rents by 2%, however there are some properties advertised with some rents I would question.
"I have already challenged daft.ie that they should have a system to check if there is an illegal rate being charged.
"I noticed one this morning which I will not be highlighting, that is not falling within the rent pressure zone rules. Most people conform to the rules and some people don't.
"This means if you rent out a property for €1,000 the next rent can only go up by 2%.
"While there are regional differences, all parts of the country are experiencing substantial year-on-year increases in open market rents.
The full report is available here
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