Revealed: How Dublin rents rank in Europe
Dublin has retained its position as the fifth most expensive city in Europe for expats to rent after seeing a rental price increase of €119 per month, according to the latest Accommodation Ranking report by ECA International.
The report found that the average rental cost of a three-bedroom central home in Dublin is now €3,713 per month.
Renting in Dublin is far costlier than many major European cities such as Rome at €2,729, Berlin at €2,475 and Valencia at €1,600.
The Irish city is also more expensive than Paris which ranks sixth on the list at €3,537.
Rent in the Irish capital has increased by 2.2pc since last year when the average charge was €3,406 per month .
It is a slower rate of increase than experienced between 2019 and 2020 which saw a 6pc jump.
Alec Smith, accommodation services manager at ECA International, said: “Dublin remains a popular location for businesses to send staff on assignment, so demand continues to impact accommodation costs.
“In addition, ongoing building regulations which remain tight in Dublin makes supply slim in popular areas of the city.”
Dublin entered the top five most expensive locations in Europe for expat rental accommodation in 2019 and has remained in fifth place ever since.
London maintains its position as the most expensive city in Europe to rent for the fifth year in a row, and fourth in the world.
The average cost of a three-bedroom, mid-range home in a prime London location is now €6,175 (£5,364) per month.
Mr Smith said the full extent of the Covid-19 pandemic’s influence on rental prices in London wa s still yet to be seen.
“Future falls in rents are expected in prime central districts, and it’s likely some level of remote working will remain across many industries post-pandemic.
“A central location is therefore likely to move down the list of priorities for many expat renters, with larger properties and outdoor space becoming more attractive,” he said.
Ahead of Dublin on the list are Zurich in second place, Geneva in third place and Moscow in fourth place.
Mr Smith said while rental prices remained largely stable in Europe, the true impact of the pandemic on rent levels has not yet been seen.
“While many residents left cities to move further out or back home, the pandemic effectively froze many property markets instead of causing immediate downward pressure on rents.”
“The success of countries’ routes out of lockdown and back to some sort of normality will change how property markets react.”