The latest Locked Out of the Market Report from the Simon Communities of Ireland has revealed a concerning trend in the rental market in Cork City and its suburbs. According to the study conducted from June 17-19, there were no Housing Assistance Payment (HAP) properties available to rent in Cork City centre or suburbs. This shortage of affordable housing options is a worrying sign for individuals and families in need of assistance.
The report highlighted an increase in properties for rent in Cork City, but a decrease in the suburbs, compared to the previous report in March. This imbalance in availability further exacerbates the housing crisis in the region. The study tracked the number of properties advertised within the Department of Housing, Local Government and Heritage (DHLGH) HAP limits, using data gathered from Daft.ie for various areas across Ireland.
In 10 out of the 16 study areas, including Cork City centre and suburbs, there were no properties available to rent through HAP in any household category. This scarcity of affordable rental options is a significant challenge for those relying on HAP support. The report also noted that the average rent in Cork City has increased by 8% since last year, reaching €1,870, while in Cork county, the average rent has risen by 4.1% to €1,427.
When looking at the distribution of available properties, Dublin dominated the market with 76% of the properties available at any price. In Cork City suburbs, there was a decrease in available properties, while Cork City centre saw a slight increase since the previous report. Despite the increase in overall rental properties, the number of HAP properties remained at zero in both Cork City centre and suburbs.
The report also delved into the costs associated with renting in Cork City and its suburbs. In Cork City centre, the costs for one-bedroom apartments ranged from €1,026 to €2,100, while two-bedroom apartments were priced between €1,338 and €2,500. In Cork City suburbs, one-bedroom apartments ranged from €1,110 to €1,750, and two-bedroom apartments were priced between €1,622 and €2,975.
Nationally, the report highlighted a concerning trend where rents for new tenancies are now 16% higher than for existing tenancies. This disparity in costs poses a significant challenge for households, especially those reliant on HAP support. The report emphasized the difficulties faced by households in finding affordable rental properties within HAP limits, particularly outside of Dublin where supply is limited, and HAP limits are set lower.
In conclusion, the Locked Out of the Market Report sheds light on the ongoing challenges faced by individuals and families seeking affordable housing in Cork City and its suburbs. The lack of available HAP properties, coupled with rising rental costs, underscores the urgent need for intervention and support to address the housing crisis in the region.
