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Ireland is currently in the middle of the rent crisis and Dublin is the area most affected. Recent figures published by daft.ie suggest that rents are now higher than they were in the middle of the property bubble.
The law of supply and demand sets rents. The population of Dublin is ever expanding and this coupled with the fact that there are less rental properties available is driving prices to the current level.
There is now such an extreme imbalance between supply and demand that it is hard to see a short term solution. The government has introduced regulations limiting rent increases to once every 24 months and only in line with ‘market rent’. However, despite these regulations ‘market rent’ continues to rise.
The long term solution is simple, increase supply by encouraging large scale developments. In short term, it remains a landlord’s market suited to those lucky enough to be in a position to buy.
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