Thursday, 30th March 2017
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Waterford TD, Mary Butler has said that without a robust national strategy for increasing the supply of rental accommodation, average rents will continue to rocket.

Deputy Butler made the comments following the publication of the latest Daft report which shows that the average rents across both the city and county of Waterford increased by 10.7% in 2016.

“Average rent in the city now sits at €745 while in the county it’s now at €706. Last year’s increases are not sustainable in the long term.

“The clear evidence in this report is that Minister Coveney needs to revisit the rent cap regulations and include Waterford City and parts of the county.

“However, without a strategy to increase the overall supply of private rental accommodation, there will be a continual imbalance between demand and supply causing inflationary pressure on rental prices.

“Rents are so high around the county because there simply isn’t enough units available for rent as not enough new units were built over the past six years.

“Unfortunately the housing action plan, announced by the Government, is simply too little too late to help increase housing construction which is necessary to establish a stable rental market.

“Ireland needs at least 25,000 new homes to be built each year. However, in 2016 fewer than 15,000 new homes were built nationwide. This is what is causing the rocketing in average rents. There are simply too many impediments to building new housing in this country. Costs have rocketed with inflating in the construction sector at 9%. The Department of Housing needs to undertake simple actions such as implementing an audit of construction costs in order to determine the factors impeding the delivery of new homes”.

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