New research shows rent is at an all time high in Dublin (again)

Leitrim rents

Leitrim rents

The deepening housing crisis could be heading for a ideal storm, with one new report showing record high rents and plummeting stock, and another report projecting a 20% rise in house prices in the next three years, writes Noel Baker.

In Dublin, the Daft.ie report shows the increase in rents in the year to September was 12.3% and rents in the capital are now nearly 23% higher than their previous peak in 2008.

Further increases where seen in Cork (five per cent), Galway (nine per cent) and Limerick (10.9 per cent).

Author of the report, Ronan Lyons says attempts by the Government to curb rents - do not seem to be working.

"It is not clear to me that the system of rent pressure zones is working, in fact it may be having the opposite effect".

In the county, rental prices are up more than 14 per cent since previous year, with the average rent being 751 euro.

He said: "We don't have any shortage of a family home, the problem is that the country is missing close to half a million apartments".

"If you go back three years, rents were rising rapidly then, so it was an under supplied market three years ago, at that point there were 5,400 on the rental market".

Speaking to RTÉ's Morning Ireland, Mr Lyons said lack of availability is the problem and there has been nearly a halving of available accommodation since the start of the year.

Mike Allen of Focus Ireland says loopholes in the law allow landlords to get rid of tenants and raise the rent by more than the four per cent limit.

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