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Rents in Dublin increased again but showing signs of slowing

DUBLIN rental prices have rocketed again, but are showing some signs of a slow down for the first time in five years.

The cost of renting apartments and houses in Dublin city has increased by up to 16.6pc in the last year.

In the capital, rents are now almost 30pc above their lowest point in 2012 and less than 10pc below their 2007 peaks.

But the Daft.ie report points out that there was a small easing in Dublin inflation from 15.6pc to 14.5pc in the last quarter, which had a knock on effect on rents.

The average rent paid out in the capital stands at €1,375 a month.

From mid-2009, when rents were falling by 18pc a year, each successive quarter of the year has seen an increase in rent prices until now, said economist Ronan Lyons.

"We should not make too much of this - one swallow does not make a summer - but hopefully an easing in Dublin rental inflation can continue," said Mr Lyons.

"That would at least stop the affordability crisis from worsening.

"It does nothing, however, to change the availability crisis. For that - we need government policy to change and change fast."

Average rent is €897 a month in Cork, up 8pc in the last 12 months, and €875 in Galway, where it went up by 7pc. In Limerick, rent rose by 6pc to €704 and it jumped by 5pc in Waterford to €628 a month.