Ireland » Rental Market

The Irish housing market remains well underpinned by demographic trends and by significant economic and social change. The continued success of the Irish economy and the high levels of immigration have contributed to the increase in the rental market in Ireland. With house prices for first time buyers becoming out of reach of many people - renting is the only choice. Corporate rentals have also experienced an upward turn, buoyed by the number of multinational firms who continue to invest in Ireland.

In the west of Ireland towns are growing steadily and rents for a four-bedroom semi-detached home is around €850 to €900 per month. This is the key to the outlook. The level of demand from these and other sources has exerted considerable upward pressure on house prices in recent years. However, if prices get out of touch, the market will peg them back.

The spiralling property market has adversely affected rental prices, and the availability of rental accommodation severely reduced by recent changes in taxation laws. In 1999, average rental prices increased by 13 per cent nationally and 15 per cent in Dublin, where queues of prospective renters are commonplace. To make matter worse, the unpleasant ‘English’ practice of gazumping, whereby unscrupulous landlords renege on agreements in order to pocket ‘a few’ extra pounds per month, has also spread to the rental market.

With the Irish economy flourishing and both employment and university enrolment at record levels demand for rented accommodation is expected to continue to be high in 2001, although there are signs that investors are being attracted back into the rental market by the prospect of low interest rates and continually increasing property prices. Most rental properties, whether long or short-term, are let furnished and long-term unfurnished properties are particularly difficult to find. Standards of rented accommodation in Ireland are generally good.