Market rents in Clare over 10% higher than last year

The average listed rent in county Clare is now €1425, according to the latest Rental Report by Daft.ie.

In Clare, market rents were on average 10.7% higher in the second quarter of 2024 than a year previously, and up 61% from the level prevailing when the covid19 pandemic occurred.

Nationwide, 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.

Availability on the rental market also remains extremely tight, with just 26 properties to rent in county Clare on Daft.ie as of this Monday, August 28.

On August 1, 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," said Ronan Lyons, Associate Professor of Economics at Trinity College Dublin.

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"The solution is new supply of market rental homes, in large volumes, in each and every rental market in the country."

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, where 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.

This most recent reports suggests that, even in Dublin, improvement in the availability of rental homes is stalling. Without new rental supply, it is likely that future pressure on rents will be upward, further straining affordability for those on regular incomes

"This most recent reports suggests that, even in Dublin, improvement in the availability of rental homes is stalling," Professor Lyons said.

"Without new rental supply, it is likely that future pressure on rents will be upward, further straining affordability for those on regular incomes."

Outside the cities, the rate of increase was similar, on average, between 9.3% in Munster and 10.5% in Connacht-Ulster.

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