The Daft.

ie Rental Report
An analysis of recent trends in the Irish rental market 2013 Q2

Introduction by Ronan Lyons, Economist with Daft.ie

Introduction
By Ronan Lyons, Economist with Daft.ie

A tale of two cities: the rental market and the wider economy
Ronan Lyons is an economic researcher based at Balliol College, Oxford, where he lectures and is undertaking his doctorate in urban economics. He is also Economist with Daft.ie
As with all of the recent editions of the Daft.ie Report, the 2013 Q2 Rental Report shows the property market in Dublin experiencing very different conditions to much of the country. Rents in Dublin are now 7.5% higher than a year previously, after registering their fourth consecutive quarter of growth. This is the fastest rate of rent inflation since mid-2007, six years ago, and reflects tight supply in the Dublin market. In the sales market, prices in Dublin are rising while they are falling elsewhere. In the rental market, there is a clear difference between the capital and elsewhere but rents outside Dublin are now stable, having risen 0.9% (or 6 on average) in the year to mid-2013. Again, this is about supply and demand. Over the last year, roughly 3,700 units have been rented out in Dublin each month. Currently, there are fewer than 2,400 available to rent in the capital, even as the autumn rush begins. Elsewhere in the country, the 8,600 units available to rent look sufficient to meet demand that measures typically 6,400 units each month. This is relevant for Irelands third-level students, many of whom will be looking for a new place to live over the coming weeks. Whereas a group of friends renting a four-bedroom house in Dublin may have to fork out between 10% and 15% more than last year, their counterparts attending ITs around the country will probably have their rent unchanged. But trends in the rental market are of interest to more than just the students. Where it reflects the underlying strength of demand for accommodation, a rise in rents gives us an insight into how different parts of the country are faring economically. The graph shows the year-on-year change in rents in Dublin and in Waterford city.

Annual change in rents, Dublin and Waterford cities, 2007-2013

15% 10% 5% 0% -5% -10% -15% -20%
2007 Q1 2007 Q3 2008 Q1 2008 Q3 2009 Q1 2009 Q3 2010 Q1 2010 Q3 2011 Q1 2011 Q3 2012 Q1 2012 Q3 2013 Q1

Waterford

Dublin

2 | The Daft.ie Rental Report, 2013 Q2

Continued on next page >

Introduction (contd)
By Ronan Lyons, Economist with Daft.ie

A tale of two cities: the rental market and the wider economy
The contrast is stark not only are rents rising in Dublin, it appears that rent inflation is accelerating. In Waterford, on the other hand, the fall in rents may have stabilised at roughly 3% a year, but rents are still falling. This must reflect conditions in the local labour market, which was hit hard, not only with the loss of construction jobs, but also developments such as the closure of Talk Talk. The numbers signing on to the Live Register in the city have risen from below 5,000 in 2007 to 12,000 today. Unlike Cork, with its pharmaceuticals hub, and Galway, with its medical devices sector, Waterford lacks an IDA hub around which the local economy can build. Often the public sector can act as a hub but the parlous state of public finances in this country means that Waterford cannot rely on this any time soon. Much the same is true for Limerick and it is worth contrasting Cork and Galway, where rents are rising gently (about 2-3% a year) with Limerick and Waterford, where rents continue to fall. The good news is that the problem is also the solution. Cities like Waterford and Limerick compete with others, both in Ireland and abroad, on costs as well as productivity. Low costs of accommodating workers is good news from a competitiveness point of view and as the cost of housing and office space in Dublin rises, cities like Limerick and Waterford will become more competitive, particularly for projects that dont require a central location, such as corporate services or back office functions. So hopefully, as this years crop of students go from house-hunting to graduating over the next few years, the economic fortunes of Irelands regional cities will have improved.

3 | The Daft.ie Rental Report, 2013 Q2

Year-on-year change since Q2 2012

Donegal
502 | Change: -2.0%

Cavan Leitrim Sligo

576 | Change: 0.8% 401 | Change: 0.6% 480 | Change: -0.6%

Monaghan
533 | Change: -0.5%

Mayo
536 | Change: -1.4%

Longford
432 | Change: 0.4%

Louth
624 | Change: 1.7%

Roscommon
533 | Change: -1.1%

Meath Galway
551 | Change: 1.2%

Westmeath
568 | Change: 0.8%

694 | Change: 2.5%

Kildare Laois
534 | Change: 1.9% 794 | Change: 3.7%

Galway City
792 | Change: 2.7%

O aly Clare
543 | Change: -1.0% 553 | Change: 0.5%

Wicklow
860 | Change: 2.3%

Tipperary Limerick City

642 | Change: -0.2% 574 | Change: 0.0%

Carlow
586 | Change: -3.8%

Kilkenny Kerry
577 | Change: 0.6% 611 | Change: 1.3%

Wexford
591 | Change: 0.4%

Limerick
583 | Change: -0.7%

Waterford
558 | Change: -1.3%

Waterford City
591 | Change: -2.7%

Cork
611 | Change: 0.4%

Cork City
806 | Change: 1.8%

Dublin Close-up
West Dublin County
972 | Change: 6.3%

North Dublin County

972 | Change: 6.5%

North Dublin City

1,063 | Change: 7.4%

Dublin City Centre

1,148 | Change: 7.5%

South Dublin City South Dublin County

1,301 | Change: 8.4% 1,203 | Change: 7.7%

4 | The Daft.ie Rental Report, 2013 Q2

Back to College Special

Snapshot of accommodation costs for students around the country

Single Room

Double Room 2013 Q2 Yr/yr Change

1-Bed 2013 Q2 Yr/yr Change

2-Bed 2013 Q2 Yr/yr Change

3-Bed 2013 Q2 Yr/yr Change

4-Bed 2013 Q2 Yr/yr Change

5-Bed+ 2013 Q2 Yr/yr Change

Location \ Bedroom # Dublin City Centre North Dublin City South Dublin City North Dublin County West Dublin County Cork City Centre Cork City Suburbs Cork Commuter Towns Galway City Centre Galway City Suburbs Limerick City Centre Limerick City Suburbs Waterford City Maynooth Dundalk Athlone Carlow town Tralee Castlebar Sligo town Letterkenny South Dublin County

2013 Q2

Yr/yr Change

433 337 377 311 391 288 286 256 233 281 259 255 234 244 280 258 208 293 230 193 222 174

6.9% 4.3% 3.3% 12.3% 5.7% -2.4% -1.4% -1.5% -10.7% -2.8% 0.4% 7.1% 4.5% -0.4% -2.1% 4.9% -6.7% -2.7% 15.6% -4.9% 5.2% -7.4%

521 423 490 381 472 387 348 327 316 338 310 291 265 272 368 290 265 313 252 247 256 249

4.4% 5.2% 3.6% 1.1% 4.4% 4.0% 2.4% 4.1% 0.3% 0.0% 0.6% 1.0% 1.1% 7.1% 2.8% 1.8% 0.8% 6.8% 0.4% 4.2% -3.0% 7.8%

897 771 889 772 927 832 629 622 541 656 566 467 499 414 638 456 449 437 435 428 481 355

9.0% 5.5% 10.6% 0.4% 5.9% 13.8% 0.6% 0.2% 1.7% 0.6% -1.4% -1.5% 11.4% -3.7% 5.6% 6.5% -4.3% -12.9% -5.2% 10.9% -0.8% -0.8%

1,228 1,037 1,240 954 1,211 965 794 808 737 802 776 575 635 520 889 576 581 592 559 521 554 424

5.5% 7.2% 9.3% 3.2% 9.7% 6.5% 1.9% 1.5% 4.8% -3.5% 4.4% -1.2% 0.0% -3.5% 4.5% 0.2% -2.2% 0.3% 0.5% 3.6% -1.6% -3.2%

1,790 1,256 1,593 1,122 1,114 942 945 840 1,082 927 689 738 679 1,004 655 680 651 627 549 671 558

4.7% 8.8% 9.6% 9.5% 7.3% 4.3% 7.4% 4.5% 5.2% 5.7% -0.9% -0.5% 1.3% 4.0% -1.9% -0.6% -1.1% -2.2% -0.4% -1.3% 0.9%

2,193 28.5% 1,567 11.8% 2,093 12.2% 1,577 19.9% 2,218 10.1% 1,324 1,212 1,076 1,303 1,065 894 866 794 1,345 826 742 841 702 592 815 619 9.5% 5.9% 2.9% 4.4% 9.2% 5.3% -0.8% 7.2% 8.4% 1.0% 3.2% 2.3% -2.8% -4.7% 3.2% 1.5%

2,175 13.5% 2,055 19.2% 3,180 42.2% 3,319 74.8% 3,442 32.6% 1,678 10.2% 1,783 1,523 1,338 1,580 1,426 900 1,076 981 1,388 * 825 * 779 * 1,041 15.3% 748 8.1% 5.8% 3.8% -2.5% 0.7% 5.2% 9.4% 8.0% -13.0% 8.2% -4.0% -2.6%

ollege Special

1,496 14.4%

1,103 10.0%

Figures given are average rents, based on May-July snapshot of properties for rent * denotes too few observations

5 | The Daft.ie Rental Report, 2013 Q2

Daft.ie National Rental Index

-15.5

4.2%

Rents nationally were 4.2% higher on average in the second quarter of 2013 than a year previously. The average rent nationwide between April and June was 825, compared to 792 a year previously.

Daft.ie National Rental Index

(2012 average = 100) 2002 January February March April May June July August September October November December 133.5 132.8 128.5 131.2 128.5 125.8 124.6 125.4 124.4 121.5 118.3 115.9 2003 116.3 119.4 119.5 120.4 116.3 114.8 115.1 116.3 115.8 113.2 110.7 110.2 2004 110.3 111.1 110.6 111.3 109.5 109.3 111.1 113.4 114.1 113.7 111.7 111.5 2005 112.7 114.2 115.3 115.4 113.6 112.8 114.3 116.2 116.0 117.3 117.2 118.9 2006 119.1 119.5 120.0 121.2 121.9 122.4 123.5 126.6 128.4 129.1 127.3 127.1 2007 129.1 130.6 132.4 132.8 134.5 135.1 135.5 133.8 134.3 134.0 128.0 128.1 2008 128.9 126.3 124.9 124.3 126.2 125.0 124.8 127.2 126.4 123.6 120.4 117.3 2009 117.1 114.6 112.2 110.2 108.7 107.1 105.7 105.8 104.7 103.2 101.3 100.3 2010 101.8 101.3 101.2 100.5 100.6 99.9 99.8 100.9 100.5 100.1 98.7 98.4 2011 99.4 99.8 99.5 99.4 99.1 98.8 99.3 100.3 99.6 99.1 98.5 98.9 2012 99.2 99.4 99.3 99.1 99.0 99.0 99.9 100.8 101.0 100.9 101.3 100.9 2013 101.5 101.7 102.6 102.6 103.6 103.6 103.7

Rents rise for fourth successive quarter

Nationally, rents rose by an average of 1.3% quarter-on-quarter, marking four quarters of growth in rents.

Dublin continues to drive rent increases

While rents outside Dublin were 0.9% higher annually in Q2 2013, rents in the capital were 7.5% higher on average.

Stock of Properties to Rent (start-of-month) & Flow of New Properties to Rent (during entire month), 2007-2008
25000

Properties available to rent down one third

20000
Number of Properties

Nationwide, there were one third fewer properties available to rent on August 1st, compared to the same date last year.

15000

10000

5000

0
2006 II III IV 2007 II III IV 2008 II III IV 2009 II III IV 2010 II III IV 2011 II III IV 2012 II III IV 2013 II III

The index is based on asking rents for properties advertised to let on Daft.ie. Figures are calculated from econometric regressions, which calculate changes in price that are independent of changes in observable measures of quality, such as location, or bedroom number.

Inflow

Stock

Out Flow

6 | The Daft.ie Rental Report, 2013 Q2

Daft.ie Snapshot of Rent Nationwide

What can I ask for? Can I afford it?
Average rents across Ireland, by postcode/region and bedroom number, Quarter 2, 2013

Daft.ie Snapshot of Rents Nationwide

1bed Dublin 1 Dublin 2 Dublin 3 Dublin 4 Dublin 5 Dublin 6 Dublin 6W Dublin 7 Dublin 8 Dublin 9 Dublin 10 Dublin 11 Dublin 12 Dublin 13 Dublin 14 Dublin 15 Dublin 16 Dublin 17 Dublin 18 Dublin 20 Dublin 22 Dublin 24 North Co Dublin South Co Dublin West Dublin Cork City Galway City Limerick City Waterford City Dublin Commuter Counties West Leinster South-East Leinster Munster Connaught Ulster 893 1,007 818 1,118 792 815 798 731 805 780 789 799 772 823 1,011 891 * * 916 919 872 785 759 935 765 619 583 464 431 551 422 447 414 407 362 2bed 1,113 1,405 1,076 1,427 1,079 1,191 1,145 1,025 1,064 1,017 954 939 988 1,041 1,253 997 1,213 1,046 868 991 915 942 915 1,257 871 788 744 585 517 692 489 543 527 472 426 3bed 1,463 1,867 1,336 2,039 1,225 1,632 1,403 1,266 1,406 1,212 1,051 1,078 1,116 1,192 1,492 1,003 1,396 1,100 820 1,002 907 1,081 1,072 1,565 1,014 865 864 720 647 770 589 627 630 605 558 4bed * * 1,650 2,804 1,269 2,275 1,630 1,488 1,506 1,430 * 1,264 1,348 1,407 1,880 979 1,579 1,220 686 * 963 1,334 1,471 2,320 1,158 1,053 966 840 707 922 655 703 691 649 604 5bed * * 2,000 4,122 * 2,930 2,596 1,952 2,199 1,673 * * * * 2,520 1,549 * * 933 * * * 2,345 2,687 * 1,446 1,132 917 785 1,111 770 775 775 673 645

7 | The Daft.ie Rental Report, 2013 Q2

Rental trends in Dublin

From Quarter 1, 2006 to Quarter 2, 2013

Average rents by region, 2006 - 2013

1,700 1,600 1,500 1,400 1,300 1,200 1,100 1,000 900 800
2006 Q1 2006 Q3 2007 Q1 2007 Q3 2008 Q1 2008 Q3 2009 Q1 2009 Q3 2010 Q1 2010 Q3 2011 Q1 2011 Q3 2012 Q1 2012 Q3 2013 Q1 2013 Q3

Dublin City Centre

North Dublin City

South Dublin City

North County Dublin

South County Dublin

West County Dublin

Average rent: 972 Year-on-year change: 6.5% Quarter-on-quarter change: 1.3% Change from peak: -22.8%

North County Dublin North Dublin City

Average rent: 1,063 Year-on-year change: 7.4% Quarter-on-quarter change: 1.7% Change from peak: -23.3%

Rents are rising in all parts of Dublin at about 7-8% year-on-year. Compared to their lowest point in late 2010, rents in the capital are now almost 10% higher. Just 20,000 properties were made available to rent in the first half of 2013 in Dublin, compared to 30,000 in 2011 and 2012. Rent-a-room costs continue to rise throughout the capital, with the cost of a double-room up 4-5% in most areas.

West County Dublin

Average rent: 972 Year-on-year change: 6.3% Quarter-on-quarter change: 1.2% Change from peak: -24.2%

Dublin City Centre

Average rent: 1,148 Year-on-year change: 7.5% Quarter-on-quarter change: 1.5% Change from peak: -22.4%

South Dublin City

Average rent: 1,301 Year-on-year change: 8.4% Quarter-on-quarter change: 2.2% Change from peak: -19.4%

South County Dublin

Average rent: 1,203 Year-on-year change: 7.7% Quarter-on-quarter change: 2.1% Change from peak: -19.9%

Rent-a-room income trends

Single Room
Area Average rent % Yr/yr change

Double Room
Average rent % Yr/yr change Vacancy 1.1 3.7 2.1 4.1 2.4 5.4

Dublin City Centre North Dublin City South Dublin City North Co. Dublin South Co. Dublin West Co. Dublin

432 333 374 308 387 288

6.1% 3.1% 2.2% 11.2% 4.6% -2.4%

520 420 490 380 473 386

3.8% 5.3% 4.0% 0.8% 5.8% 4.0%

8 | The Daft.ie Rental Report, 2013 Q2

Rental trends in other cities

From Quarter 1, 2006 to Quarter 2, 2013

Average rents by region, 2006 - 2013

1,200 1,100 1,000 900 800 700 600 500
2006 Q1 2006 Q3 2007 Q1 2007 Q3 2008 Q1 2008 Q3 2009 Q1 2009 Q3 2010 Q1 2010 Q3 2011 Q1 2011 Q3 2012 Q1 2012 Q3 2013 Q1 2013 Q3

Cork City

Galway City

Limerick City

Waterford City

Galway City
Average rent: 792 Year-on-year change: 2.7% Quarter-on-quarter change: 1.0% Change from peak: -17.7%

As in previous reports, rents are rising in Cork and Galway cities, while in Limerick and Waterford, they continue to fall. The contrast is greatest between Galway city, where rents are 18% below 2007 levels, and Waterford, where they have fallen 30%. Across the four cities, there were 1,850 properties available to rent on August 1, down from 2,500 a year previously. The cost of a double room is static in most urban areas, although in parts of Cork city, it is up 4-5%.

Limerick City
Average rent: 642 Year-on-year change: -0.2% Quarter-on-quarter change: 0.6% Change from peak: -25.6%

Waterford City
Average rent: 591 Year-on-year change: -2.7% Quarter-on-quarter change: -0.2% Change from peak: -29.7%

Cork City

Average rent: 806 Year-on-year change: 1.8% Quarter-on-quarter change: 0.9% Change from peak: -25.4%

Rent-a-room income trends

Single Room
Area Cork City Centre Cork City Suburbs Cork Commuter Towns Galway City Centre Galway City Suburbs Limerick City Centre Limerick City Suburbs Waterford City Centre Average rent 281 257 237 277 253 238 229 244 % Yr/yr change -3.1% 0.0% -10.9% -3.5% -1.2% 0.0% 3.6% 1.7%

Double Room
Average rent 348 327 317 335 308 290 262 274 % Yr/yr change 3.3% 4.8% -0.3% -1.5% 0.7% 1.0% 0.8% 7.9% Vacancy 9.8 7.2 5.5 3.6 3.9 4.4 7.7 17.1

9 | The Daft.ie Rental Report, 2013 Q2

Rental trends outside the cities

From Quarter 1, 2006 to Quarter 2, 2013

Average rents by region, 2006 - 2013

1,100 1,000 900 800 700 600 500 400
2006 Q1 2006 Q3 2007 Q1 2007 Q3 2008 Q1 2008 Q3 2009 Q1 2009 Q3 2010 Q1 2010 Q3 2011 Q1 2011 Q3 2012 Q1 2012 Q3
Connaught

2013 Q1

2013 Q3
Ulster

Dublin Commuter Counties

West Leinster

South-East Leinster

Munster

Average rent: 502 Year-on-year change: -1.3% Quarter-on-quarter change: 0.4% Change from peak: -23.4%

Ulster

Outside the cities, rents in Connacht and Munster are stable, while in Ulster they are falling slightly. In Leinster, rents are rising in most areas, in particular in the commuter counties, where they are 3% higher than a year ago.

Average rent: 537 Year-on-year change: 0.0% Quarter-on-quarter change: 0.7% Change from peak: -22.1%

Connaught

Average rent: 751 Year-on-year change: 2.8% Quarter-on-quarter change: 1.0% Change from peak: -28.2% Average rent: 535 Year-on-year change: 0.9% Quarter-on-quarter change: 0.2% Change from peak: -27.1%

Dublin Commuter Counties

The number of properties available to rent outside the cities stood at 7,200 on August 1, a fall of 31% in a year. The cost of a room outside the cities is rising in many areas, in particular in Leinster, but is falling in Ulster.

West Leinster

Rent-a-room income trends

Single Room Double Room
Average rent 340 252 292 251 257 231 % Yr/Yr change 3.2% -0.5% 5.0% 1.2% 2.6% -1.9% Vacancy 8.1 12.4 8.2 10.1 8.2 7.2

Average rent: 583 Year-on-year change: 0.0% Quarter-on-quarter change: 0.8% Change from peak: -26.6%

Munster

Average rent: 596 Year-on-year change: -0.2% Quarter-on-quarter change: 0.0% Change from peak: -25.1%

South-East Leinster

Area Dublin Comm. Counties West Leinster South-East Leinster Munster Connaught Ulster

Average rent 277 216 257 215 210 198

% Yr/Yr change 2.9% 1.8% 0.5% 0.7% -5.0% -7.6%

10 | The Daft.ie Rental Report, 2013 Q2

First Time Buyer and Investor Information

Can we afford it?
The mortgage cost, including mortgage interest relief and income from the rent-a-room scheme, by region and bedroom number.

First-time buyer information: Rent-a-room income and net loan burden

Single room Location \ Bedroom # Dublin City Centre North Dublin City South Dublin City North Dublin County South Dublin County West Dublin County Dublin Commuter Counties West Leinster South-East Leinster Munster Cork City Limerick City Waterford City Connaught/Ulster Galway City 432 333 374 308 387 288 277 216 257 215 258 234 244 204 265 520 420 490 380 473 386 340 252 292 251 331 276 274 244 322 577 431 585 372 595 467 445 262 310 324 329 351 1,423 312 400 734 629 883 613 972 571 456 337 347 388 486 542 320 333 482 214 209 393 233 499 185 116 85 55 137 155 266 46 89 161 849 946 1,335 860 1,227 768 622 428 495 523 676 848 435 443 545 329 526 845 480 754 382 282 177 204 272 345 572 161 199 223 Double room 1-bed, no letting 2-bed, no letting 2-bed, letting 1 double 3-bed, no letting 3-bed, letting 1 double 3-bed, letting 1 double and 1 single -103 193 471 172 367 94 6 -40 -54 57 87 338 -83 -5 -42 4-bed, no letting 4-bed, letting 1 double 4-bed, letting 1 double and 1 single * 643 1,135 783 1,473 462 369 206 165 361 448 351 254 192 200

* 1,396 1,999 1,471 2,333 1,136 985 674 713 827 1,037 860 772 640 786

* 976 1,509 1,091 1,860 750 646 423 422 576 707 584 498 396 465

Mortgage repayments are based on the following application: 30 years, 3.6% variable mortgage [average for new business], 90% LTV - since the start of 2013, no mortgage interest relief is applied

Investor Information: Snapshot of gross yields across the country (and year on year change, in percentage points)
Location \ Bedroom # Dublin City Centre North Dublin City South Dublin City North Dublin County South Dublin County West Dublin County Dublin Commuter Counties West Leinster South-East Leinster Munster Cork City Limerick City Waterford City Connaught/Ulster Galway City Average Average 7.8% 6.7% 5.9% 6.4% 5.4% 7.0% 5.6% 5.6% 5.7% 5.1% 6.2% 6.4% 6.5% 5.7% 7.1% 5.7% Yr/yr change 0.3% 0.1% -0.3% 0.6% -0.2% -0.1% 0.2% 0.4% 0.5% 0.5% 0.5% 0.9% 0.2% 0.6% 1.0% 0.4% 1-bed 7.7% 8.6% 7.3% 9.9% 7.5% 8.1% 6.1% 7.8% 7.0% 6.3% 9.2% 8.3% 10.6% 6.2% 7.4% 7.1% Yr/yr change 0.6% 0.5% -0.5% 2.3% 0.5% -1.3% -2.2% 1.1% 1.6% 0.9% 0.7% 1.7% 4.0% 0.0% -1.8% 0.2% 2-bed 7.8% 7.9% 6.7% 7.4% 6.0% 8.2% 7.5% 7.1% 7.7% 6.6% 8.0% 8.2% 7.9% 7.2% 7.8% 7.2% Yr/yr change 0.0% 0.4% 0.3% 0.4% 0.2% -0.3% 0.3% 0.6% 0.3% 0.9% 0.8% 1.5% -0.2% 0.3% 0.9% 0.4% 3-bed 8.4% 6.3% 5.6% 6.1% 5.5% 7.0% 6.1% 6.8% 6.2% 5.9% 6.3% 6.6% 7.3% 6.9% 8.1% 6.3% Yr/yr change 0.2% -0.1% -0.6% 0.2% -0.7% -0.1% 0.1% 0.5% 0.3% 0.6% 0.5% 0.8% 0.3% 0.8% 1.4% 0.3% 4-bed * 5.0% 4.7% 4.9% 4.5% 5.5% 4.6% 4.8% 4.9% 4.1% 5.0% 4.9% 4.6% 5.1% 6.3% 4.8% Yr/yr change * -0.4% -0.3% 0.5% 0.4% 0.4% 0.5% 0.1% 0.5% 0.3% 0.3% 0.3% 0.1% 0.7% 1.0% 0.4% 5-bed * 5.4% 4.4% 6.4% 3.6% 4.4% 4.1% 3.8% 4.4% 3.9% 4.7% 5.5% 4.1% 4.6% 4.9% 4.2% Yr/yr change * 0.7% -0.2% 2.3% -1.6% 1.3% -0.1% 0.7% 0.5% 0.4% 0.2% 1.8% 0.4% 0.6% 1.6% 0.5%

11 | The Daft.ie Rental Report, 2013 Q2

About the Report

Over the last 10 years, Daft.ie has collected a vast amount of data on the Irish property market. In 2011 alone, more than 260,000 properties were advertised on the site.
About Daft.ie
Daft.ie is Irelands largest property website. The latest audited report from ABC (Sep 2011) shows monthly traffic of 130 million page impressions (pages of information received) and 1.976 million unique users per month across Daft Medias property websites (daft.ie, rent.ie, let.ie, property.ie). This makes Daft.ie the biggest property website in Ireland across all demographics. The goal of the Daft Report is to use this information to help all actors in the property market make informed decisions about buying and selling. In addition, because it is freely available, the Daft Report can help inform the media, the general public and policymakers about the latest developments in the property market. The Daft.ie Rental Report was launched in 2005. It has already become the definitive barometer of the Irish rental market and is being used by the Central Bank, mortgage institutions, financial analysts and the general public alike. Since its introduction at the start of 2006, the Daft.ie Asking Price Index is also being recognised as the earliest available reliable indicator of developments in house prices in Ireland. This is the Daft.ie Rental Report, the partner to the Daft.ie House Price Report issued last month. Together, they give house-hunters and investors more information to help them make their decisions. These twin reports mean that Daft is the only objective monitor of trends in both rental and sales markets on a monthly basis, making the report an essential barometer for anyone with an interest in the Irish property market.

Methodology and Sample Size

The statistics are based on properties advertised on Daft.ie for a given period. The regressions used are hedonic price regressions, accounting for all available and measurable attributes of properties, with a Cooks Distance filter for outliers. The average monthly sample size for lettings properties is over 10,000. Indices are based on standard methods, holding the mix of characteristics constant, with the annual average of 2007 used as the base. For more on the methodology, please see www.daft.ie/research.

12 | The Daft.ie Rental Report, 2013 Q2

Disclaimer
The Daft.ie Report is prepared from information that we believe is collated with care, but we do not make any statement as to its accuracy or completeness. We reserve the right to vary our methodology and to edit or discontinue the indices, snapshots or analysis at any time for regulatory or other reasons. Persons seeking to place reliance on any information contained in this report for their own or third party commercial purposes do so at their own risk.

Credits
Economic Analysis: Ronan Lyons Marketing & Communications: Kieran Harte Layout and Design: Ciara Mulvany

Coming Next

The Daft.ie House Price Report 2013 Q3 In early October 2013

The Daft.ie House Price Report will be published in early October 2013 and will provide a detailed regional analysis of asking prices and transaction prices as well as all the usual indices, snapshots, trends and regional analysis, providing the public with Irelands most up-to-date information on the housing market.

All data is Copyright Daft Media Limited. The information contained in this report may only be reproduced if the source is clearly credited. Please contact Daft.ie on 01-4218700 for further information.