100,000 Apartments Needed In Cork Over The Next Two Decades To Tackle The Rental Crisis
The average monthly rent in the City has risen almost 8 per cent over the past year to €1,366
Up to 100,000 apartments need to be built in Cork over the next 20 years to tackle the current rental crisis.
That's according to Dr Frank Crowley from the School of Economics at University College Cork who was speaking to The Echo following the latest Daft.ie rent report which shows that renters are now paying up to €500 more every month than those paying a mortgage.
The average monthly rent in the City has risen almost 8 per cent over the past year to €1,366, while renters in the county are now paying an average of €1,030.
However, the report also shows the rate at which prices are increasing has slowed down to its lowest in five years.
Author of the report Ronan Lyons says a lack of available rental properties is a big part of the problem, and says that could change in the coming years:
More from Cork
-
Lord Mayor Of City Felt Privileged To Represent Cork During Such A Difficult Time As He Faces Into Last Month In Office
Councillor Joe Kavanagh will be handing over the mayoral chains outside of City Hall for the first time ever on June 18th due to the pandemic
-
Expert calls for people to reduce meat intake
Eating too much meat can increase the risk of serious illnesses by as much as 30%.
-
International Care Day Is Being Celebrated At The Bessborough Centre In Blackrock Today
The event highlights the positive impact of the experience of young people in care
-
UPDATE: Teenage Girl Killed And Three Teenage Boys Injured In Knocknaheeny Crash
It's understood the teenage driver of the car fled the scene on foot
-
Angry Farmers To Stage Protest Outside Aldi in Mitchelstown Later
They're appealing to retailers to come to the talks table
-
UPDATE: Toddler Who Was Injured At Her Home On The Boreenmanna Road Has Died
The two year-old was rushed to hospital with traumatic head injuries