Price of rent globally: How does Dublin compare?

The news that average rents in South Co Dublin have surpassed those in some parts of London will have set alarm bells ringing for Irish people based abroad and considering a move home.

According to this week's Daft.ie first quarter rental report , the average rent in South Co Dublin is now €1,868, compared with the average London rent, which has fallen to €1,796. This comparison is based on data from Homelet and quoted in Irish Times journalist Fiona Reddan's analysis of the factors contributing to the rental crisis in Dublin, which you can read here.

So, if it’s not the vagaries of the Irish weather that is putting a damper on your plans to return home, it could be the high cost of putting a roof over your head, or indeed the prospect of finding a home in the capital, if that is your chosen location, at any cost.

High expectations

Having got used to a good standard of living, in Sydney or in Vancouver, in Dubai or in New York, most expats returning to live in Ireland have high expectations. If you've been enjoying beach life in an ocean-front apartment in a Sydney suburb, or the convenience of serviced apartment living in Dubai, queuing for a chance to catch a glimpse of a dreary Dublin flat and hand over huge wads of cash – quick, before someone else does – may not appeal.

Rental costs as a percentage of income isn’t a calculation that would have deterred many emigrants thinking about making the move back home. But now, it’s a reality many are facing.

So just how expensive is the Dublin rental market, in comparison to elsewhere? Or how much bang does your euro buy, as against your dollar or your dirham?

A comparison of average monthly rental costs in eight global cities popular with Irish emigrants, using data from the cost of living comparison site, Expatistan.com, shows that Hong Kong is the most expensive in which to rent a place to live, followed by New York, London and Sydney.

The rental costs quoted for each city are for both a location perceived to be expensive, and popular with expats, as well as a more accessible area. The rental fees are for both an 85sq m (900sq ft) unit, and a smaller 45sq m (480sq ft) studio, in both cases fully furnished.

Comparisons

The Expatistan price comparison for Dublin suggests that a tenant wanting to live in a spacious unit, suitable for two people, in an upmarket area of the city, could expect to pay €1,915 a month. This tallies with the Daft.ie report which pitches the average monthly rental fee for a two-bed house in Dublin 4 at €2,006.

In Hong Kong, the cost would be €4,349, according to Expatistan, while a similar unit in New York would cost €3,395, and in London it would be €2,781.

Willingness to live a compact life won’t have as much effect on your rental costs as location will. The most expensive cities in which to rent a compact studio are the same as those that are dearest for larger units.

In only two locations in the comparison will you have any change out of €1,000 from renting a studio. In Auckland, the monthly rent for a studio in a "normal" area of the city, as against an "expensive" area, is quoted as being €843, while the same unit in Vancouver would cost €797.

According to Expatistan, the rental fee for the same studio in Dublin would be €1,006. This compares with an average of €1,217 for a one-bed apartment in Dublin 9, according to the Daft.ie report.

Expatistan.com is a community-based price comparison website that relies for its information on submissions from users. Co-founder Andrea Robledillo said: "We are continuously gathering prices; on average we get more than 1,000 new prices every day. For example, at this moment our prices for Dublin are based on 3,053 prices entered by 439 different people in the last year."