Rental costs across Northern Ireland have increased by an average of 51% over the past five years in every council area. PropertyPal Chief Executive Jordan Buchanan stated that average rent rose from around £650 in early 2020 to nearly £1,000 by the end of 2025. This adds £335 per month to the typical property cost.

In Belfast, rents average close to £1,100 per month, with more than 40% of properties exceeding that amount. Martin Haran, professor of Real Estate and Urban Studies at Ulster University, noted a 9.6% rise in Belfast over the last 12 months. Ryan Hoey reported paying £550 per month for a south Belfast apartment in 2021, now listed at £800.

A two-bedroom ground floor apartment off Belfast's Lisburn Road rented for £875 per month in 2021, £1,050 in 2023, and £1,350 last month. Tenants now allocate 32.2% of income to rent, up from 27.6% in 2020, while incomes grew by about 30% in the same period, according to Buchanan.

Available rental properties stand 10% below pre-Covid levels. Buchanan attributed this to a multi-decade low in housing supply, with properties sold rather than rented and short-term lets reducing stock. Enquiries per listing rose 33% on average, reaching 80 in Derry City and Strabane, up 79%.

Haran said the imbalance between supply and demand requires structural changes. Buchanan called for more investment to expand rental supply. Around 50,000 people await social housing, pushing demand into private rentals, Haran added.

Northern Ireland's first build-to-rent apartments near completion this year will add 750 properties, including 630 high-end rentals. Buchanan described this as a major supply boost for the constrained sector. Haran noted it targets a specific market segment but could ease pressures if paired with suitable policies.