RENTS SOAR 10% IN YEAR

Deadly bridge comes falling down Fears as Dublin prices up 37% since the boom

RENT prices have risen by nearly 10% across the country – and are now 37% higher than they were 10 years ago in the capital.

As average leases in Dublin reach nearly €2,000 per month, housing campaigners called for a “radical transformation” of the system.

Prices rose across Ireland by an average of 9.8% last year, marking yet another record high in the national average.

But despite these price hikes, the rate of increase was the slowest in almost three years, according to the latest quarterly report by Daft.ie.

The average monthly rate across the country was €1,347 in the final three months of 2017.

This represents €317 per month higher than the boom years peak in 2008 – and more than €600 higher than the low seen in 2011.

In Dublin, average rents have reached €1,982, an increase of 8.8% in the past year. This means the rate in the capital is 37% higher – almost €540 a month or €6,500 a year – than it was at the height of the Celtic Tiger boom a decade ago.

Prices continue to rise more rapidly in other cities throughout the country. In Limerick, average rental prices reached €1,171, an increase of 16.7%.

In Waterford, rates rose by nearly as much, at 16%, and are now €968 on average.

Galway tenants are now paying €1,239, an increase of 13.1% over the course of the past year, while prices in Cork city rose by 11.4% and are now €1,314 on average. Outside the five main cities, rates rose by an average of 10.4% to €949. The minor slowdown in price hikes is down to a small increase in the availability of properties nationwide, according to Daft.ie. There were 3,641 homes available to rent across the country on January 1, marking an 11% improvement on the same date last year. Ronan Lyons, author of the Daft report and economist at Trinity College Dublin, said apartments in particular are badly needed. He added: “Construction of new homes remains focused on one-offs and estate housing, while the overwhelming need is for apartments for renters.” news@irishmirror.ie

HEARTBROKEN families watch as work begins demolishing Italy’s Genoa bridge, which collapsed six months ago killing 43 people. The stretch of motorway is being rebuilt and will be Europe’s most expensive bridge. Renzo Piano, who designed The Shard, vowed it will last 2,000 years.