It’s claimed it could take up to five years to rectify supply issues in County Clare which have led to spiralling rents.
The latest quarterly report from property website Daft.ie shows rents in this county have risen by nearly 15 percent in the past year, with the average renter forking out over 1,000 euro every month.
Clare has recorded one of the highest year-on-year jumps in the cost of new rentals throughout Munster on record.
The latest quarterly report from property website Daft.ie has indicated a nearly 15% increase in montly costs in the past year to an average of just over 1,000 euro.
Only four counties saw a higher percentage increase in rents in the past 12 months than Clare.
It means that while an average mortgage on a 3-bed house in Clare will cost €531 a month, renting it will cost you €878, which is a difference of 65 percent more.
Author of the report, Economist Ronan Lyons says the spiralling cost is a direct result of the shortage of supply, a matter that could take up to five years to solve if the Housing Minister focuses now on the disparity between the cost of building here and in other countries.
He says all sectors will benefit from low construction costs because it will become possible to build new housing in places like Clare, where that’s curently not the case.
In July, new legislation linking rent increases to the rate of inflation was introduced in a bid to curb rising rents.
But Chief Executive of Institute of Professional Auctioneers and Valuers, Pat Davitt says Government needs to do more to prevent landlords from exiting the market:
