Rents in Dublin dropped by 2.5% in April compared to March as the economic fallout from Covid-19 was felt.
The capital saw the biggest fall last month according to a new report from Daft.ie, while in the four other major cities rents were down by average of 2%.
Nationally they dropped by their biggest amount in 10 years last month, down 2.1%.
The fall in Dublin compares to a 3.6% increase in rents in the first three months of 2020, compared to the same time last year.
The average listed rent is now €2074, up 107% from its lowest point in 2011.
Commenting on the report, Ronan Lyons, economist at Trinity College Dublin and author of the Daft Report, said:
"Before Covid-19 stopped the economy in its tracks, it seemed as though things were finally beginning to improve for Ireland’s rental sector. After a decade where effectively no new rental homes were built, the situation had improved in recent quarters. Figures in this report show that over 35,000 new rental homes were in the pipeline, when Covid-19 shut down the construction sector."
He went on to say;
"Given that the pandemic is unlikely to change any of the long-term fundamentals driving underlying housing need, there is a danger that while its immediate impact might be to lower rents, its longer term effect could be to worsen the shortage."
