Daft Property - Irish Property News

Glut of properties drives down rents. RENTAL prices are set to fall in the coming months after a glut of extra properties were put on the market. New figures showed that the number of properties available to rent has shot up by a third since May. Overall rent levels across the country have not moved for a year, but economists predict they may fall in the coming months because of the greater number of properties on the market. The average monthly rent for a house or apartment is €823, a new Daft.ie survey showed. Rents fell by a quarter at the start of 2007, but have since stabilised and are not changing from one month to the next. Owners reacted to rents remaining static by putting more vacant properties into the rental market, Daft.ie economist Ronan Lyons said. The figures came as the scramble for third-level students to find accommodation begins. The total number of properties available to rent in Ireland's five major cities rose from 6,000 in May to 8,000 at the