How to buy a studio apartment in Dublin city centre
If you’re looking to move into the city centre, you might want to consider a studio property.
A study by property research company Property Institute found that Dublin’s rental market is the most expensive in Europe.
Read more: Dublin apartment market: the 10 best studios in the city source The study’s co-author, Richard O’Connor, said the figures highlight the problem with renting.
“There is no room in the market for the new rental generation,” he said.
“In particular, there is not room for the younger renters.”
Dubbed “the new renters”, the study’s findings are the latest in a string of reports on the trend towards rentier living in Dublin.
The number of studio apartments in the capital has been on the rise, with the average price of a studio rising by 20 per cent from a year ago.
The figures also show a significant increase in rents in the suburbs, with prices in the CBD, the outer suburbs and the south inner city up by an average of 7.3 per cent, compared with 6.1 per cent a year earlier.
Some of the largest increases were in the inner city, with rents increasing by nearly 11 per cent between 2016 and 2017.
The study also showed that prices were rising at the fastest rate in the country for the fifth consecutive year.
Renters living in the outer city and the suburbs are particularly vulnerable to the increase in costs, the report found.
“This is particularly true in the more expensive areas of Dublin,” it said.
It added that the trend for rent rises “is likely to continue, albeit at a slower rate than expected.”
A number of factors contributed to the rise in rents.
The average number of bedrooms in Dublin has increased from 1.1 to 1.4, but in the past year rents have increased by 8.5 per cent in the City of Dublin and 9.4 per cent elsewhere in the region.
“The average rent increase for a single person in Dublin is up 17 per cent since 2012, but it’s not a sustainable situation for the most vulnerable families in the current housing market,” Mr O’ Connor said.