Rents on the rise
Rents rising as properties fall
RENTAL prices are rising -- with the number of properties available at its lowest level in over three years.
Property website Daft.ie said the amount of apartments and houses on the rental market has dropped by 5.7pc.
It points out that the number of properties available has fallen by over 1,000 over the past year.
The survey reveals that the average rent nationwide stands at €821, down 0.7pc during the course of 2011.
But rents in Dublin rose by 0.3pc during 2011 and one of the biggest rent increases was witnessed in Cork, which jumped by 2.6pc.
In Limerick and Waterford, rents dropped by 2.4pc, while prices in Galway slipped by 1.2pc.
Daft.ie economist Ronan Lyons said the fact that some areas -- including certain areas of Dublin and in Cork -- were seeing rent increases suggested an underlying demand from a build-up of first- time buyers.
The Minister for Social Protection, Joan Burton, said that previous quarterly reports have shown that national rent indices still appear to mask a rural/urban split within the Irish rental market, with rural prices continuing to fall.
"It is essential that rents are allowed to stabilise from a natural balance of supply and demand, rather than as a result of a price floor funded by the taxpayer," she added.