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Irish tenants priced out of capital's Docklands apartments

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Irish tenants make up just 8pc of those who rented a home in Dublin's Docklands in the last year, according to a property report published today.

The findings estimate that 92pc of those who rented in the busy business hub in 2019 have travelled into Ireland largely to work in the capital's booming city-centre technology and banking sectors.

This is according to the Docklands Residential Report 2020 - published today by the Owen Reilly Estate Agency - which specialises in selling and renting homes in the area.

Its data shows that Irish workers are increasingly being priced out of the busy business hub by surging rents - which now stand at an average of €2,479 a month.

This is 20pc higher than the Dublin average and expected to go up again by 4pc this year.

A total of 52pc of tenants who rented there in the last 12 months are from other EU countries - with increasing numbers now also coming in from the US and India.

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In addition, those executives who have come from abroad to work at those international technology and banking firms based locally are generally on far higher salaries.

The report states that the average salary of a tenant in the Docklands is €127,618, up by 8pc on a year ago, while the average salary at the upmarket Grand Canal Dock is higher again at €147,000.

Overall, 55pc of renters in the Docklands work in the technology sector with locally based firms including Google, Facebook and Twitter.

The Docklands is also home to the IFSC, with dozens of international financial operations in situ.

Most Docklands tenants work in the immediate area (within 20 minutes' walk) with just 28pc requiring parking spaces.

Matching the area's sudden rise in affluence, big funds like Kennedy Wilson and Opus have recently tailored a series of ultra-luxury rentals at Capital Dock and at the Opus complex.