Cork South West TD, Margaret Murphy O’Mahony has said that rocketing rental prices in County Cork are forcing many people to return back to the family home as they are being priced out of the market.
Deputy Murphy O’Mahony was commenting after the latest Daft.ie rental report which showed a 10.3% increase in the average cost of rent for a one bed apartment. Average rent is now €586 for a one bed apartment in Co. Cork, and €679 for a two bed house
“The rental crisis is affecting everyone. Whether it’s a single person renting on your own, a student sharing a house, or a young family renting while saving for a mortgage, people are being priced out of private rental accommodation, and being forced back to live with their parents.
“I don’t believe that the housing crisis is some complex situation. At present, we have a lack of housing – social, affordable and private. And to make things worse, the simply aren’t building enough houses at present.
“I’m inundated with people coming into my clinics desperately seeking accommodation for them and for their families.
“With prices rocketing for rental accommodation, many are being forced home to live with their parents. We have one of the highest levels of young adults living at home with their parents in the late 20s and early 30s in Europe.
“Access to affordable credit and a more streamlined planning process is a necessity to allow the market to respond to the housing crisis.
“I’ve yet to see anything from the Government, other than PR spin, that would lead me to believe that they have the capacity to get to grips with this crisis, and this worries me deeply,” concluded Murphy O’Mahony.