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Rents on the rise? Depends where you look

ORNA MULCAHY, JACK FAGAN, EMMA CULLINAN The Irish Times
Flat-hunter Rosemary Mac Cabe on the prowl in Ranelagh: while there are plenty of properties to rent, they are not always in the right location. Photograph: Brenda Fitzsimons

Flat-hunter Rosemary Mac Cabe on the prowl in Ranelagh: while there are plenty of properties to rent, they are not always in the right location. Photograph: Brenda Fitzsimons


There’s been a marginal pick-up in rents in Dublin city centre but many blocks remain empty in outlying suburbs



LETTINGS HAVE replaced sales as the main business for many of Dublin’s largest estate agencies. The change has been triggered by a collapse in mortgage approvals, now at their lowest level for five years.

The shift has led to an earlier than expected recovery in the rental market, particularly in the city and the inner suburbs where the vacancy rate has fallen in the first two months of the year.

A report from Daft this week confirms that rents are rising again for the first time in two years. Rents in January rose by just over 1 per cent, after heavy falls in 2009.

The marginal pick-up is particularly noticeable in Dublin city where supply is more limited than in the suburbs and beyond the M50. In the south Docklands, for instance, there is a shortage of apartments to let with a number of big employers in the area, like Google, still recruiting staff. Average rents in the area are about €1,400 for two-beds with one-beds from €950 to €1,200 per month. Apartments typically rent in two/three weeks according to the Owen Reilly agency which specialises in Docklands property.


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