daft rental report q2 2013
TRANSCRIPT
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Introduction by Ronan Lyons, Economist with Dat.ie
The Dat.ie Rental ReportAn analysis o recent trends in the Irish rental market
2013 Q2
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IntroductionBy Ronan Lyons, Economist with Dat.ie
A tale o two cities:the rental market and thewider economy
2 | The Dat.ie Rental Report, 2013 Q2
As with all o the recent editions o the Dat.ie Report, the 2013 Q2 Rental Report shows the
property market in Dublin experiencing very dierent conditions to much o the country. Rents
in Dublin are now 7.5% higher than a year previously, ater registering their ourth consecutive
quarter o growth. This is the astest rate o rent ination since mid-2007, six years ago, and
reects tight supply in the Dublin market.
In the sales market, prices in Dublin are rising while they are alling elsewhere. In the rental
market, there is a clear dierence between the capital and elsewhere but rents outside Dublin
are now stable, having risen 0.9% (or 6 on average) in the year to mid-2013. Again, this is about
supply and demand.
Over the last year, roughly 3,700 units have been rented out in Dublin each month. Currently,
there are ewer than 2,400 available to rent in the capital, even as the autumn rush begins.Elsewhere in the country, the 8,600 units available to rent look sucient to meet demand that
measures typically 6,400 units each month.
This is relevant or Irelands third-level students, many o whom will be looking or a new place to
live over the coming weeks. Whereas a group o riends renting a our-bedroom house in Dublin
may have to ork out between 10% and 15% more than last year, their counterparts attending ITs
around the country will probably have their rent unchanged.
But trends in the rental market are o interest to more than just the students. Where it reects the
underlying strength o demand or accommodation, a rise in rents gives us an insight into how
dierent parts o the country are aring economically. The graph shows the year-on-year change
in rents in Dublin and in Waterord city.
Continued on next page >
DublinWaterford
Annual change in rents, Dublin and Waterford cities, 2007-201315%
10%
5%
0%
-5%
-10%
-15%
-20%
2007 2007 2008 2008 2009 2009 2010 2010 2011 2011 2012 2012 2013
Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1
Ronan Lyons is an
economic researcher
based at Balliol College,
Oxford, where he lectures
and is undertaking
his doctorate in urban
economics. He is also
Economist with Daft.ie
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The contrast is stark not only are rents rising in Dublin, it appears that rent ination is accelerating. In Waterord,
on the other hand, the all in rents may have stabilised at roughly 3% a year, but rents are still alling. This must
reect conditions in the local labour market, which was hit hard, not only with the loss o construction jobs, but also
developments such as the closure o Talk Talk. The numbers signing on to the Live Register in the city have risen rom
below 5,000 in 2007 to 12,000 today.
Unlike Cork, with its pharmaceuticals hub, and Galway, with its medical devices sector, Waterord lacks an IDA hub
around which the local economy can build. Oten the public sector can act as a hub but the parlous state o public
fnances in this country means that Waterord cannot rely on this any time soon. Much the same is true or Limerick
and it is worth contrasting Cork and Galway, where rents are rising gently (about 2-3% a year) with Limerick and
Waterord, where rents continue to all.
The good news is that the problem is also the solution. Cities like Waterord and Limerick compete with others,
both in Ireland and abroad, on costs as well as productivity. Low costs o accommodating workers is good news
rom a competitiveness point o view and as the cost o housing and oce space in Dublin rises, cities like Limerick
and Waterord will become more competitive, particularly or projects that dont require a central location, such as
corporate services or back oce unctions.
So hopeully, as this years crop o students go rom house-hunting to graduating over the next ew years, the
economic ortunes o Irelands regional cities will have improved.
Introduction (contd)By Ronan Lyons, Economist with Dat.ie
A tale o two cities: the rental marketand the wider economy
3 | The Dat.ie Rental Report, 2013 Q2
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4 | The Dat.ie Rental Report, 2013 Q2
Year-on-year change since Q2 2012
794 | Change: 3.7%
568 | Change: 0.8%Galway
551 | Change: 1.2%
Sligo
576 | Change: 0.8%
401 | Change: 0.6%
533 | Change: -0.5%
480 | Change: -0.6%
432 | Change: 0.4%
Kerry
577 | Change: 0.6%
574 | Change: 0.0%
Cork
611 | Change: 0.4%
Waterford
Meath
694 | Change: 2.5%
Cork City
806 | Change: 1.8%
Laois
534 | Change: 1.9%
Oaly553 | Change: 0.5%
Limerick
583 | Change: -0.7%
Kilkenny
611 | Change: 1.3%
Waterford City
Galway City
792 | Change: 2.7%
Mayo
536 | Change: -1.4%
Donegal
502 | Change: -2.0%
Roscommon
533 | Change: -1.1%
Limerick City
642 | Change: -0.2%
Clare
543 | Change: -1.0%
Wicklow
860 | Change: 2.3%
Louth
624 | Change: 1.7%
Dublin City Centre
1,148 | Change: 7.5%
West Dublin County
972 | Change: 6.3%
North Dublin CountyDublinClose-up
972 | Change: 6.5% North Dublin City
1,063 | Change: 7.4%
South Dublin City
1,203 | Change: 7.7%
Wexford
591 | Change: 0.4%
Carlow
586 | Change: -3.8%
Kildare
Westmeath
Leitrim
Monaghan
Cavan
Longford
Tipperary
558 | Change: -1.3% 591 | Change: -2.7%
South Dublin County
1,301 | Change: 8.4%
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Back to College Special
Snapshot o accommodationcosts or students aroundthe country
ege Special
2013Q2
Single Room
Yr/yr
Change2013
Q2
Double Room
Yr/yr
Change2013
Q2
1-Bed
Yr/yr
Change2013
Q2
2-Bed
Yr/yr
Change2013
Q2
3-Bed
Yr/yr
Change2013
Q2
4-Bed
Yr/yr
Change2013
Q2
5-Bed+
Yr/yr
Change
Figures given are average rents, based on May-July snapshot of properties for rent
* denotes too few observations
Location \ Bedroom #
Dublin City Centre
North Dublin City
South Dublin City
North Dublin County
South Dublin County
West Dublin County
Cork City Centre
Cork City SuburbsCork Commuter Towns
Galway City Centre
Galway City Suburbs
Limerick City Centre
Limerick City Suburbs
Waterford City
Maynooth
Dundalk
Athlone
Carlow town
Tralee
Castlebar
Sligo town
Letterkenny
433
337
377
311
391
288
286
256 233
281
259
255
234
244
280
258
208
293
230
193
222
174
6.9%
4.3%
3.3%
12.3%
5.7%
-2.4%
-1.4%
-1.5%-10.7%
-2.8%
0.4%
7.1%
4.5%
-0.4%
-2.1%
4.9%
-6.7%
-2.7%
15.6%
-4.9%
5.2%
-7.4%
521
423
490
381
472
387
348
327 316
338
310
291
265
272
368
290
265
313
252
247
256
249
4.4%
5.2%
3.6%
1.1%
4.4%
4.0%
2.4%
4.1%0.3%
0.0%
0.6%
1.0%
1.1%
7.1%
2.8%
1.8%
0.8%
6.8%
0.4%
4.2%
-3.0%
7.8%
897
771
889
772
927
832
629
622541
656
566
467
499
414
638
456
449
437
435
428
481
355
9.0%
5.5%
10.6%
0.4%
5.9%
13.8%
0.6%
0.2%1.7%
0.6%
-1.4%
-1.5%
11.4%
-3.7%
5.6%
6.5%
-4.3%
-12.9%
-5.2%
10.9%
-0.8%
-0.8%
1,228
1,037
1,240
954
1,211
965
794
808737
802
776
575
635
520
889
576
581
592
559
521
554
424
5.5%
7.2%
9.3%
3.2%
9.7%
6.5%
1.9%
1.5%4.8%
-3.5%
4.4%
-1.2%
0.0%
-3.5%
4.5%
0.2%
-2.2%
0.3%
0.5%
3.6%
-1.6%
-3.2%
1,790
1,256
1,593
1,122
1,496
1,114
942
945840
1,082
927
689
738
679
1,004
655
680
651
627
549
671
558
4.7%
8.8%
9.6%
9.5%
14.4%
7.3%
4.3%
7.4%4.5%
5.2%
5.7%
-0.9%
-0.5%
1.3%
4.0%
-1.9%
-0.6%
-1.1%
-2.2%
-0.4%
-1.3%
0.9%
2,193
1,567
2,093
1,577
2,218
1,324
1,212
1,0761,103
1,303
1,065
894
866
794
1,345
826
742
841
702
592
815
619
28.5%
11.8%
12.2%
19.9%
10.1%
9.5%
5.9%
2.9%10.0%
4.4%
9.2%
5.3%
-0.8%
7.2%
8.4%
1.0%
3.2%
2.3%
-2.8%
-4.7%
3.2%
1.5%
2,175
2,055
3,180
3,319
3,442
1,678
1,783
1,5231,338
1,580
1,426
900
1,076
981
1,388
*
825
*
779
*
1,041
748
13.5%
19.2%
42.2%
74.8%
32.6%
10.2%
-2.5%
0.7%
5.2%
9.4%
8.0%
-13.0%
8.2%
-4.0%
-2.6%
3.8%
5.8%
15.3%
8.1%
5 | The Dat.ie Rental Report, 2013 Q2
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Rents rise or ourthsuccessive quarterNationally, rents rose by an average o
1.3% quarter-on-quarter, marking our
quarters o growth in rents.
Dublin continues todrive rent increasesWhile rents outside Dublin were 0.9%
higher annually in Q2 2013, rents in the
capital were 7.5% higher on average.
Properties available torent down one thirdNationwide, there were one third ewer
properties available to rent on August 1st,
compared to the same date last year.
.5
Dat.ie National Rental Index
4.2%Rents nationally were 4.2% higher on average in the secondquarter o 2013 than a year previously. The average rentnationwide between April and June was 825, comparedto 792 a year previously.
6 | The Dat.ie Rental Report, 2013 Q2
Daft.ie National Rental Index(2012 average = 100)
January
February
March
April
May
June
July
August
September
October
November
December
2002
133.5
132.8
128.5
131.2
128.5
125.8
124.6
125.4
124.4
121.5
118.3
115.9
2007
129.1
130.6
132.4
132.8
134.5
135.1
135.5
133.8
134.3
134.0
128.0
128.1
2008
128.9
126.3
124.9
124.3
126.2
125.0
124.8
127.2
126.4
123.6
120.4
117.3
116.3
119.4
119.5
120.4
116.3
114.8
115.1
116.3
115.8
113.2
110.7
110.2
2003
110.3
111.1
110.6
111.3
109.5
109.3
111.1
113.4
114.1
113.7
111.7
111.5
2004
112.7
114.2
115.3
115.4
113.6
112.8
114.3
116.2
116.0
117.3
117.2
118.9
2005
119.1
119.5
120.0
121.2
121.9
122.4
123.5
126.6
128.4
129.1
127.3
127.1
2006 2010
101.8
101.3
101.2
100.5
100.6
99.9
99.8
100.9
100.5
100.1
98.7
98.4
2009
117.1
114.6
112.2
110.2
108.7
107.1
105.7
105.8
104.7
103.2
101.3
100.3
2011
99.4
99.8
99.5
99.4
99.1
98.8
99.3
100.3
99.6
99.1
98.5
98.9
2012
99.2
99.4
99.3
99.1
99.0
99.0
99.9
100.8
101.0
100.9
101.3
100.9
2013
101.5
101.7
102.6
102.6
103.6
103.6
103.7
Stock of Properties to Rent (start-of-month) & Flow of New Properties to Rent(during entire month), 2007-2008
NumberofProperties
Stock Out FlowInflow
0
5000
10000
15000
20000
25000
2006 II III IV 2007 II III IV 2008 II III IV 2009 II III IV 2010 II III IV 2011 II III IV 2012 II II I IV 2013 II III
The index is based on asking rents for
properties advertised to let on Daft.ie. Figures
are calculated from econometric regressions,
which calculate changes in price that are
independent of changes in observable
measures of quality, such as l ocation, or
bedroom number.
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7 | The Dat.ie Rental Report, 2013 Q2
Dat.ie Snapshot o RentNationwide
What can I ask or? Can I aford it?Average rents across Ireland, by postcode/regionand bedroom number, Quarter 2, 2013
Daft.ie Snapshot of Rents Nationwide1bed 2bed 3bed 4bed 5bed
Dublin 1
Dublin 2
Dublin 3
Dublin 4
Dublin 5
Dublin 6
Dublin 6W
Dublin 7
Dublin 8
Dublin 9
Dublin 10
Dublin 11Dublin 12
Dublin 13
Dublin 14
Dublin 15
Dublin 16
Dublin 17
Dublin 18
Dublin 20
Dublin 22
Dublin 24
North Co Dublin
South Co Dublin
West Dublin
Cork City
Galway City
Limerick City
Waterford City
Dublin Commuter Counties
West Leinster
South-East Leinster
Munster
Connaught
Ulster
893
1,007
818
1,118
792
815
798
731
805
780
789
799772
823
1,011
891
*
*
916
919
872
785
759
935
765
619
583
464
431
551
422
447
414
407
362
1,113
1,405
1,076
1,427
1,079
1,191
1,145
1,025
1,064
1,017
954
939988
1,041
1,253
997
1,213
1,046
868
991
915
942
915
1,257
871
788
744
585
517
692
489
543
527
472
426
1,463
1,867
1,336
2,039
1,225
1,632
1,403
1,266
1,406
1,212
1,051
1,0781,116
1,192
1,492
1,003
1,396
1,100
820
1,002
907
1,081
1,072
1,565
1,014
865
864
720
647
770
589
627
630
605
558
*
*
1,650
2,804
1,269
2,275
1,630
1,488
1,506
1,430
*
1,2641,348
1,407
1,880
979
1,579
1,220
686
*
963
1,334
1,471
2,320
1,158
1,053
966
840
707
922
655
703
691
649
604
*
*
2,000
4,122
*
2,930
2,596
1,952
2,199
1,673
*
**
*
2,520
1,549
*
*
933
*
*
*
2,345
2,687
*
1,446
1,132
917
785
1,111
770
775
775
673
645
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Rental trends in DublinFrom Quarter 1, 2006 to Quarter 2, 2013
8 | The Dat.ie Rental Report, 2013 Q2
Rent-a-room income trends
AreaAverage
rent% Yr/yrchange
Averagerent
% Yr/yrchange
Dublin City Centre
North Dublin CitySouth Dublin City
North Co. Dublin
South Co. Dublin
West Co. Dublin
432
333 374
308
387
288
6.1%
3.1%2.2%
11.2%
4.6%
-2.4%
520
420 490
380
473
386
3.8%
5.3%4.0%
0.8%
5.8%
4.0%
Vacancy
1.1
3.72.1
4.1
2.4
5.4
Single Room Double Room
Average rents by region, 2006 - 2013
Dublin City Centre North Dublin City South Dublin City North County Dublin South County Dublin West Cou nty Dublin
800
900
1,000
1,100
1,200
1,300
1,400
1,500
1,600
1,700
2006
Q1
2006
Q3
2007
Q1
2007
Q3
2008
Q1
2008
Q3
2009
Q1
2009
Q3
2010
Q1
2010
Q3
2011
Q1
2011
Q3
2012
Q1
2012
Q3
2013
Q1
2013
Q3
West County DublinAverage rent: 972Year-on-year change: 6.3%
Quarter-on-quarter change: 1.2%Change from peak: -24.2%
North County DublinAverage rent: 972Year-on-year change: 6.5%
Quarter-on-quarter change: 1.3%Change from peak: -22.8%
Dublin City CentreAverage rent: 1,148
Year-on-year change: 7.5%Quarter-on-quarter change: 1.5%
Change from peak: -22.4%
North Dublin CityAverage rent: 1,063Year-on-year change: 7.4%
Quarter-on-quarter change: 1.7%Change from peak: -23.3%
South County Dublin
Average rent: 1,301Year-on-year change: 8.4%Quarter-on-quarter change: 2.2%
Change from peak: -19.4%
South Dublin CityAverage rent: 1,203
Year-on-year change: 7.7%
Quarter-on-quarter change: 2.1%Change from peak: -19.9%
Just 20,000 properties were made availableto rent in the frst hal o 2013 in Dublin, comparedto 30,000 in 2011 and 2012.
Rent-a-room costs continue to rise throughoutthe capital, with the cost o a double-room up4-5% in most areas.
Compared to their lowest point in late 2010,rents in the capital are now almost 10% higher.
Rents are rising in all parts o Dublin at about7-8% year-on-year.
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Rental trends in other citiesFrom Quarter 1, 2006 to Quarter 2, 2013
9 | The Dat.ie Rental Report, 2013 Q2
Average rents by region, 2006 - 2013
Cork City Galway City Limerick City Waterford City
500
600
700
800
900
1,000
1,100
1,200
2006
Q1
2006
Q3
2007
Q1
2007
Q3
2008
Q1
2008
Q3
2009
Q1
2009
Q3
2010
Q1
2010
Q3
2011
Q1
2011
Q3
2012
Q1
2012
Q3
2013
Q1
2013
Q3
Rent-a-room income trends
AreaAverage
rent% Yr/yrchange
Averagerent
% Yr/yrchange
Cork City Centre
Cork City Suburbs
Cork Commuter Towns
Galway City Centre
Galway City Suburbs
Limerick City Centre
Limerick City Suburbs
Waterford City Centre
281
257
237
277
253
238
229
244
-3.1%
0.0%
-10.9%
-3.5%
-1.2%
0.0%
3.6%
1.7%
348
327
317
335
308
290
262
274
3.3%
4.8%
-0.3%
-1.5%
0.7%
1.0%
0.8%
7.9%
Vacancy
9.8
7.2
5.5
3.6
3.9
4.4
7.7
17.1
Single Room Double Room
Cork City
Galway City
Limerick CityWaterford CityAverage rent: 642
Year-on-year change: -0.2%Quarter-on-quarter change: 0.6%Change from peak: -25.6%
Average rent: 591Year-on-year change: -2.7%Quarter-on-quarter change: -0.2%Change from peak: -29.7%
Average rent: 792Year-on-year change: 2.7%Quarter-on-quarter change:1.0%Change from peak: -17.7%
Average rent: 806Year-on-year change: 1.8%Quarter-on-quarter change:0.9%Change from peak: -25.4%
As in previous reports, rents are rising in Cork and
Galway cities, while in Limerick and Waterord,they continue to all.
The contrast is greatest between Galway city,where rents are 18% below 2007 levels, andWaterord, where they have allen 30%.
Across the our cities, there were 1,850 propertiesavailable to rent on August 1, down rom 2,500a year previously.
The cost o a double room is static in most urbanareas, although in parts o Cork city, it is up 4-5%.
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Rental trends outside the citiesFrom Quarter 1, 2006 to Quarter 2, 2013
10 | The Dat.ie Rental Report, 2013 Q2
Average rents by region, 2006 - 2013
Dublin Commuter Counties West Leinster South-East Leinster Munster Connaught Ulster
2006
Q1
2006
Q3
2007
Q1
2007
Q3
2008
Q1
2008
Q3
2009
Q1
2009
Q3
2010
Q1
2010
Q3
2011
Q1
2011
Q3
2012
Q1
2012
Q3
2013
Q1
2013
Q3
400
500
600
700
800
900
1,000
1,100
Rent-a-room income trends
AreaAverage
rent% Yr/Yrchange
Averagerent
% Yr/Yrchange
Dublin Comm. Counties
West Leinster
South-East Leinster
Munster
Connaught
Ulster
277
216
257
215
210
198
2.9%
1.8%
0.5%
0.7%
-5.0%
-7.6%
340
252
292
251
257
231
3.2%
-0.5%
5.0%
1.2%
2.6%
-1.9%
Vacancy
8.1
12.4
8.2
10.1
8.2
7.2
Single Room Double Room
South-East LeinsterAverage rent: 596Year-on-year change: -0.2%Quarter-on-quarter change:0.0%
Change from peak: -25.1%MunsterAverage rent: 583Year-on-year change:0.0%Quarter-on-quarter change:0.8%Change from peak: -26.6%
ConnaughtAverage rent: 537Year-on-year change:0.0%Quarter-on-quarter change:0.7%Change from peak: -22.1%
UlsterAverage rent: 502Year-on-year change: -1.3%Quarter-on-quarter change:0.4%Change from peak: -23.4%
West LeinsterAverage rent: 535Year-on-year change:0.9%Quarter-on-quarter change:0.2%Change from peak: -27.1%
Dublin CommuterCountiesAverage rent: 751Year-on-year change:2.8%Quarter-on-quarter change:1.0%Change from peak: -28.2%
The cost o a room outside the cities is rising
in many areas, in particular in Leinster,but is alling in Ulster.
Outside the cities, rents in Connacht and Munsterare stable, while in Ulster they are alling slightly.
In Leinster, rents are rising in most areas, inparticular in the commuter counties, where theyare 3% higher than a year ago.
The number o properties available to rentoutside the cities stood at 7,200 on August 1,a all o 31% in a year.
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First Time Buyer and Investor Inormation
Can we aford it?The mortgage cost, including mortgage interest relie and incomerom the rent-a-room scheme, by region and bedroom number.
11 | The Dat.ie Rental Report, 2013 Q2
Investor Information: Snapshot of gross yields across the country (and year on year change, in percentage points)
Location \ Bedroom # AverageYr/yr
change 1-bed 2-bed 3-bed 4-bed 5-bed
Dublin City Centre
North Dublin City
South Dublin City
North Dublin County
South Dublin County
West Dublin County
Dublin Commuter Counties
West Leinster
South-East Leinster
Munster
Cork City
Limerick City
Waterford CityConnaught/Ulster
Galway City
Average
7.8%
6.7%
5.9%
6.4%
5.4%
7.0%
5.6%
5.6%
5.7%
5.1%
6.2%
6.4%
6.5%5.7%
7.1%
5.7%
0.3%
0.1%
-0.3%
0.6%
-0.2%
-0.1%
0.2%
0.4%
0.5%
0.5%
0.5%
0.9%
0.2%0.6%
1.0%
0.4%
7.7%
8.6%
7.3%
9.9%
7.5%
8.1%
6.1%
7.8%
7.0%
6.3%
9.2%
8.3%
10.6%
6.2%
7.4%
7.1%
0.6%
0.5%
-0.5%
2.3%
0.5%
-1.3%
-2.2%
1.1%
1.6%
0.9%
0.7%
1.7%
4.0%0.0%
-1.8%
0.2%
7.8%
7.9%
6.7%
7.4%
6.0%
8.2%
7.5%
7.1%
7.7%
6.6%
8.0%
8.2%
7.9%
7.2%
7.8%
7.2%
0.0%
0.4%
0.3%
0.4%
0.2%
-0.3%
0.3%
0.6%
0.3%
0.9%
0.8%
1.5%
-0.2%0.3%
0.9%
0.4%
8.4%
6.3%
5.6%
6.1%
5.5%
7.0%
6.1%
6.8%
6.2%
5.9%
6.3%
6.6%
7.3%
6.9%
8.1%
6.3%
0.2%
-0.1%
-0.6%
0.2%
-0.7%
-0.1%
0.1%
0.5%
0.3%
0.6%
0.5%
0.8%
0.3%0.8%
1.4%
0.3%
*
5.0%
4.7%
4.9%
4.5%
5.5%
4.6%
4.8%
4.9%
4.1%
5.0%
4.9%
4.6%
5.1%
6.3%
4.8%
*
-0.4%
-0.3%
0.5%
0.4%
0.4%
0.5%
0.1%
0.5%
0.3%
0.3%
0.3%
0.1%0.7%
1.0%
0.4%
*
5.4%
4.4%
6.4%
3.6%
4.4%
4.1%
3.8%
4.4%
3.9%
4.7%
5.5%
4.1%
4.6%
4.9%
4.2%
*
0.7%
-0.2%
2.3%
-1.6%
1.3%
-0.1%
0.7%
0.5%
0.4%
0.2%
1.8%
0.4%0.6%
1.6%
0.5%
Yr/yrchange
Yr/yrchange
Yr/yrchange
Yr/yrchange
Yr/yrchange
First-time buyer information: Rent-a-room income and net loan burden
Location \ Bedroom #
Singleroom
Doubleroom
1-bed,noletting
2-bed,noletting
3-bed,noletting
4-bed,noletting
2-bed,letting 1double
3-bed,letting 1double
3-bed,letting 1doubleand 1single
Dublin City Centre
North Dublin City
South Dublin City
North Dublin County
South Dublin County
West Dublin County
Dublin Commuter Counties
West Leinster
South-East Leinster
Munster
Cork City
Limerick City
Waterford City
Connaught/Ulster
Galway City
432
333
374
308
387
288
277
216
257
215
258
234
244
204
265
520
420
490
380
473
386
340
252
292
251
331
276
274
244
322
577
431
585
372
595
467
445
262
310
324
329
351
1,423
312
400
734
629
883
613
972
571
456
337
347
388
486
542
320
333
482
214
209
393
233
499
185
116
85
55
137
155
266
46
89
161
849
946
1,335
860
1,227
768
622
428
495
523
676
848
435
443
545
329
526
845
480
754
382
282
177
204
272
345
572
161
199
223
-103
193
471
172
367
94
6
-40
-54
57
87
338
-83
-5
-42
4-bed,letting 1double
4-bed,letting 1doubleand 1single
*
1,396
1,999
1,471
2,333
1,136
985
674
713
827
1,037
860
772
640
786
*
976
1,509
1,091
1,860
750
646
423
422
576
707
584
498
396
465
*
643
1,135
783
1,473
462
369
206
165
361
448
351
254
192
200
Mortgage repayments are based on the following application: 30 years, 3.6% variable mortgage [average for new business], 90% LTV - since the start of 2013, no mortgage interest relief is applied
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About the Report
Over the last 10 years, Dat.ie has collected a vast
amount o data on the Irish property market.
In 2011 alone, more than 260,000 properties were
advertised on the site.
The goal o the Dat Report is to use this inormation to help all actors in the property
market make inormed decisions about buying and selling. In addition, because it is
reely available, the Dat Report can help inorm the media, the general public and
policymakers about the latest developments in the property market.
The Dat.ie Rental Report was launched in 2005. It has already become the defnitive
barometer o the Irish rental market and is being used by the Central Bank, mortgage
institutions, fnancial analysts and the general public alike. Since its introduction at
the start o 2006, the Dat.ie Asking Price Index is also being recognised as the earliest
available reliable indicator o developments in house prices in Ireland.
This is the Dat.ie Rental Report, the partner to the Dat.ie House Price Report issued last
month. Together, they give house-hunters and investors more inormation to help them
make their decisions. These twin reports mean that Dat is the only objective monitor
o trends in both rental and sales markets on a monthly basis, making the report an
essential barometer or anyone with an interest in the Irish property market.
Methodology and Sample Size
The statistics are based on properties advertised on Dat.ie or a given period. The
regressions used are hedonic price regressions, accounting or all available and
measurable attributes o properties, with a Cooks Distance flter or outliers.
The average monthly sample size or lettings properties is over 10,000. Indices are
based on standard methods, holding the mix o characteristics constant, with the annual
average o 2007 used as the base. For more on the methodology, please see
www.dat.ie/research.
About Daft.ie
Dat.ie is Irelands largest property
website. The latest audited report
rom ABC (Sep 2011) shows
monthly trac o 130 million page
impressions (pages o inormation
received) and 1.976 million unique
users per month across Dat Medias
property websites (dat.ie, rent.ie,
let.ie, property.ie). This makes Dat.ie
the biggest property websitein Ireland across all demographics.
12 | The Dat.ie Rental Report, 2013 Q2
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Disclaimer
The Dat.ie Report is prepared
rom inormation that we believe
is collated with care, but we do not
make any statement as to its accuracy
or completeness. We reserve the right
to vary our methodology and to edit
or discontinue the indices, snapshotsor analysis at any time or regulatory
or other reasons. Persons seeking to
place reliance on any inormation
contained in this report or their own
or third party commercial purposes
do so at their own risk.
Credits
Economic Analysis:
Ronan Lyons
Marketing & Communications:Kieran Harte
Layout and Design:
Ciara Mulvany
All data is Copyright Dat Media
Limited. The inormation contained in
this report may only be reproduced i
the source is clearly credited.
Please contact Dat.ie on 01-4218700
or urther inormation.
Coming Next
The Dat.ie House Price Report2013 Q3In early October 2013
The Dat.ie House Price Report will be published in early October 2013 and
will provide a detailed regional analysis o asking prices and transaction prices
as well as all the usual indices, snapshots, trends and regional analysis, providing
the public with Irelands most up-to-date inormation on the housing market.