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Expert warns that 100,000 apartments are needed in Cork city as rents soar to €1,366 a month

This article appeared in Evening Echo

BETWEEN 80,000 to 100,000 apartments need to be built in Cork over the next two decades to tackle a rental crisis of “significant proportions”, a UCC expert has warned.

The latest rental report from property website shows the average monthly rent in the city has reached €1,366.

This represents a rise of 7.9% on the same period last year, prompting concerns that plans for population growth could be compromised if affordability issues are not tackled.

Under the National Development Plan 2040, the population of the city is expected to grow to 360,000.

Dr Frank Crowley, a lecturer in UCC’s School of Economics, said the supply of apartments needs to rapidly increase.

“Rents are on average €300 more expensive than the rental heights of 2008 already in Cork city. We are well and truly in a rental crisis of significant proportions,” Dr Crowley told The Echo.

“There is a number of build-to-rent schemes at pre-planning and submission stage in Cork but a key issue is there is very little happening in the rental space in the city.

"Supply needs to radically improve if we are to see any decent affordability return to the market.

“In my opinion, to reach Ireland 2040 goals... Cork needs around 80,000 to 100,000 apartments by 2040. Currently, I expect we will fall way short of that number," Dr Crowley added.