Figures show rental prices in Dublin rising

Thursday 20 March 2014 22.14
The highest increase in rents was for apartments at 10.5%
The highest increase in rents was for apartments at 10.5%

New figures show rental prices in Dublin rose by 2.1% in the three months from September to December last year.

The figures were compiled by the ESRI for the Private Residential Tenancies Board.

They show that in the final quarter of last year, the cost of renting in Dublin rose by 7.6% compared to the same period in 2012.

The highest increase in rents was for apartments, where the increase was 10.5%, while house rents in the capital rose by 6.6%.

Lack of supply is seen as the main factor for the hike and the PRTB said the trend is likely to continue upwards this year.

In contrast, the market outside Dublin was more subdued, showing a rents increase of 1.1%, comparing Q4 of 2012 with the final quarter of last year.

Some of the bigger urban areas outside of Dublin, for example Cork and Galway, saw modest increases, while in many areas outside of Dublin rents declined.

The figures show prices outside the capital dropped by 0.9%.

Despite the growth in rents in Dublin over the past few years, the PRTB said prices are still 15.5% lower than they were at their peak.