Akari, Co. Donegal, Co Meath, Co Clare, Limerick and Dublin are among the suburbs with the highest rental prices in the country, according to Rentrak, which has updated its 2016 report card.
It said Dublin has the lowest rental prices of all of Ireland’s cities and towns.
It also said Dublin had the highest rate of new apartments being built, with nearly 2,000 per annum.
The report says the value of a rental property in Dublin is $3,100.
It adds that the average rental price in the city is €3,750.
However, the report said the value in Cork is $4,800.
It also said the average price in Donegal is $5,600, and Cork is around €5,000.
It says that there are approximately 5,600 new rental properties in Dublin and that the rate of turnover is 2.2 per cent.
“The average rental value in Dublin increased by 6.4 per cent to €7,700, while in Cork it decreased by 6 per cent and in Cork, by 5.5 per cent,” the report says.
However the report does not include the total number of new rental homes, which it said is unknown.
Rentrak said that the numbers have been taken from a database that Rentrak uses to gauge rental prices.
“For example, this data shows that there were 5,838 new apartments in Dublin last year, with the average value of the property being €3.8 million,” the company said.
“There are an estimated 10,000 new rental units being built in Dublin every month, with approximately 4,000 of these units being sold in the last three months of the year.”
“In addition, the average rent in Dublin has increased by 8.2 percentage points to €3 per night.”
However, in Cork and Cork, it increased by 0.5 percentage points and by 3.1 percentage points respectively,” the Rentrak report added.
Renting in Cork fell by 12.2% last year compared to the same period in 2015.
The company said that a large number of renters are in need of short-term accommodation.”
It is estimated that the number of people in need in Cork increased by 27.7 per cent over the same time period,” the rental report said.
It adds that there is a shortage of apartments for people who need to rent for short periods of time, but it expects that this will continue in the future.
Rental vacancy in Dublin rose by 6% last quarter compared to last year.”
This has been due to a reduction in short-stay accommodation for people in the short-list of short duration rental properties,” the Rental Report said.
The Rentrak study said that many of these rental properties were in Cork.”
As a result of the current downturn in rental markets in Cork this year, many of the properties in Cork have lost value,” it said.
Rents in Dublin were up by 4.4% in the three months to June and 5.2%.
In Cork, the number was up by 1.4%.
In Limerick, the rental vacancy rate was 6.3% last month compared to a year ago.”
In Limbo, it has been particularly high for short- stay accommodation,” the research said.
In the report, Rentrak said the most popular rental properties are in the north inner city of Dublin and on the north-west side of the city, including the city centre.”
Renters in the inner city area tend to have a larger home footprint and the average home is worth more, with a median value of €4,200,” it added.
It further added that in the west, the median value is €4.2 million.”
We also found that the median home value in the outer city of Cork is approximately €3 million.
The average price of a house in the Dublin inner city is approximately $1.5 million.
In Cork and the inner-city areas, the value per square metre in the rental properties is higher than in other parts of the country.
“While the average property value in both Dublin and Cork increased last year by 4% and 7% respectively, this is in contrast to the value increase of around 5% in other areas in the Republic,” the rentrak report said, adding that the Dublin suburbs and parts of Cork were more expensive.
“Rents have increased by around €20 million in Dublin since the report was first published in 2013.