The annual cost of renting in Northern Ireland is now nearing £1,000 per month due to strong demand and limited supply.
Typical rents stand at £995 after rising by 6% year-on-year.
Gross rental yields across Northern Ireland average around 5.1%, with Belfast city apartments achieving yields of up to 7%, according to Belfast-based estate agency John Minnis.
John Minnis, its founder, said: “What we are seeing across the UK – and especially in Northern Ireland – is the reality of a rental market that has fundamentally undersupplied homes for years. Demand hasn’t suddenly spiked; supply has quietly fallen away, and the consequences are now unavoidable.
“Rents rising towards £1,000 a month in Northern Ireland is not a temporary blip – it’s the result of a structural shortage of rental homes. With around 10% of landlords leaving the market, fewer properties are available at precisely the moment tenant demand remains incredibly strong.
“While the fundamentals remain compelling for investors, the lack of supply is making life extremely difficult for tenants. Without meaningful increases in housing delivery and a stable environment for landlords, this pressure is unlikely to ease.”
Letting agents are receiving an average of 73 enquiries per rental property, highlighting the intensity of competition among tenants and the acute lack of available homes.
Northern Ireland’s relative affordability, strong employment base and limited housing stock have fuelled its reputation as an income-driven property market.
Minnis added: “The data tells us that rental demand isn’t going away. People still need homes, and if supply continues to lag behind population and household growth, rents will remain under upward pressure.
“Northern Ireland is increasingly on the radar for UK investors looking for dependable income, but solving the rental crisis requires policy stability, investment confidence and sustained housebuilding – otherwise the issue will continue and worsen.”
