Kildare 2023 rent prices see 12.2% increase on same quarter of previous year

According to a report from Daft.ie, in Kildare, market rents were on average 12.2% higher in the second quarter of 2023 than a year previously. Compared to a year ago, rents in the open-market are now 10.7% higher. The average market rent nationwide in the second quarter just under €1,800 per month. This compares to €1,387 in the first quarter of 2020 and a low of just €765 per month seen in late 2011.

The extraordinary shortage of rental accommodation continues, although in recent months the number of homes available to rent has increased slightly. On August 1st, there were fewer than 1,200 homes available to rent nationwide. While this marked an increase of over 460 on the same date last year, availability remains extremely tight compared to other years. Indeed, the level of homes on the market is less than one third of what had been typical in the 2015-2019 period, which was already one of scarcity.

Commenting on the report, its author Ronan Lyons said, “The figures in this latest rental market report indicate something of a split in market conditions. In Dublin, the construction of new rental housing – together perhaps with the effect of layoffs in some larger employers – has led to an easing of pressure in the open market. Conditions remain far from benign for prospective tenants but the mismatch between strong demand and weak supply is not as stark as in recent quarters. Outside the capital, however, the lack of new rental homes means that the imbalance between supply and demand is still there. Indeed, in Connacht-Ulster, rents jumped over 6% in just three months pushing the annual rate of inflation to its highest level ever recorded (21.2%) in a series stretching back to early 2006.”

Nationwide, market rents in the second quarter of 2023 rose by an average of 2.4% compared to the first three months of the year.