Muireann DuffyThe average monthly rent on the open market nationally increased by 4.9 per cent year-on-year in the first quarter of 2024. The latest Daft.ie rental price report found the average monthly rent for a property on the open market rose to €1,836 in Q1, rising 0.6 per cent on the previous three-month period. The report noted the availability of units on the open rental market remains low. "Without additional increases in rental supply, any pressure on rents is likely to be upward in nature, further straining affordability for those on regular incomes. "For that reason, policymakers must develop a thorough understanding of rental supply dynamics ahead of a detailed plan on dramatically increasing rental supply over the rest of the decade," Mr Lyons warned.

Source: The Herald May 20, 2024 10:42 UTC