Rents dropped in Dublin in the wake of COVID-19. Supply increased as assignees left the city and new rental stock entered the market. The collapse in tourism has forced owners of short-term Airbnb properties to shift to the long-term market, further increasing supply.
Due to COVID-19, many markets that have recently been driven by short-term lettings ala Airbnb have had to reverse course. The short-term rental markets in Prague, Dublin, Madrid, Barcelona, Reykjavik, and many others have transitioned back to long-term rentals as a result of closed borders and a drastic reduction in demand.
Rents are stabilizing in Dublin following a long period of inflation. Vacancy rates are still very low, and it can be difficult to find a one- to two-bedroom apartment in the city. There are a number of new developments, but progress is slow. Some companies buy blocks of buildings to renovate for employees, which decreases overall rental stock.
Residential rents continued to rise in Dublin and throughout the country even as sales prices stagnated. With hundreds of international pharma, medical device, and tech companies employing thousands of local transferees and expat assignees in Dublin, the city has long suffered a rental crisis with an undersupply of rental stock and huge demand from professional national and expatriate workers.
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Rents in Dublin continue to rise amid high demand and an inadequate supply. Availability of smaller one- to two-bedroom apartments is particularly tight