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Working From Home Hasn't Led To Mass Exodus Of Workers From The City

Monday, 9 November 2020 07:45

A new Daft.ie study shows the average rent in Cork City has increased by over 5% in the past year. 

The cost of renting in the City is now €1,442 a month, while renters in the County are paying €1,057- an increase of 2.5%. 

Rent in Dublin is still over 2,000 euro a month, despite a 0.8 percent fall over the last three months, while there were also increases in Limerick, Waterford and Galway.

Economist Ronan Lyons says the data challenges narratives about the post-Covid-19 housing market. 

"The biggest increases in rents this year have been in Cork City, Galway City, Limerick City and Waterford City, so it's not really a movement against cities. It might be something against Dublin, although I think that's more to do with short term lets in Dublin moving to the long term rental market. The other narrative that isn't holding up very well is the idea that being at home so much would encourage people to think about moving to bigger properties; if anything the premium for a one-bed has grown this year, not shrunk."

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