Advertised rents in Ireland increased by an average of 5.7% in 2024, according to property listings site Daft.ie. Although the rise is slightly slower than the 6.8% increase recorded the previous year, the average national rent now stands at €1,956—43% higher than pre-pandemic levels in 2020.
While rental availability had improved over the past two years, supply dropped significantly in recent months, particularly in Dublin. As of February 1st, fewer than 2,300 homes were available to rent nationwide—down 25% from the same date last year and well below the 2015-2019 average of 4,400.
In Dublin, rents were up 4% in the final quarter of 2024 compared to the previous year, while rents outside the capital saw a sharper 7% increase. Limerick experienced the steepest hike, with rents rising by 19% due to growing demand.
Ronan Lyons, report author and associate professor of economics at Trinity College Dublin, stated that stringent rent controls have failed to address the market’s core issues. “An acute shortage of rental housing continues to plague the market, driving rents further up and creating a divide between those benefiting from rent controls and those who do not,” he explained. Lyons noted that rents for new tenants have risen by nearly 50% since rent controls were tightened in 2021, while those for existing tenants have increased by only 7%. Describing the current system as “clearly unsustainable,” he called for policy adjustments to help landlords cover maintenance costs.
The Organisation for Economic Cooperation and Development (OECD) has urged the government to relax rent control rules, suggesting that landlords should be allowed to reset rents freely at the end of tenancies.
Speaking to RTÉ’s News at One, Pat Kearney, director of Rooney Auctioneers in Limerick, linked the city’s rent surge to its growing appeal. “Limerick is a victim of its own success,” she said. With multinational firms in tech, pharmaceuticals, and financial services attracting workers, demand for both rental and purchased housing has soared. Additionally, the city’s colleges bring approximately 25,000 students annually, further intensifying competition for rental properties.
Kearney urged the government to accelerate measures to bring vacant properties back into the market. “We need action immediately—not in the long term, but right now,” she stressed, adding that new housing supply is essential to ease pressure and stabilize rents.
