Property Market in Galway

New Daft.ie Rental Report is out today.

There is no surprise as to results of the report: permanent shortage of supply in rental property market.

Commenting on the report, Ronan Lyons, economist at TCD and author of the Daft Report, said: “Over the last ten years, the number of households renting has grown rapidly but a renter today finds themselves with less choice on the market than at any other time since 2006. This extreme shortage of supply is at the heart of not only rising rents and house prices but also issues around working homeless, student accommodation shortages and a lack of options for those in mortgage arrears. Solving the lack of housing will require initiatives to moderate the high cost of building homes in this country and completely reforming the way social housing is funded.”

Rents nationally are 8.2% higher on average than last year. In Galway City rents increased by 7.4% and in Galway County by 10.7%.

According to the same report there were fewer properties for rent nationwide on May 1 than at any point since 2006.

daft.ie Rental Report, Q1, 2015 – An infographic by the team at daft.ie Rental Report