5 stories you need to know today

1. Dramatic escalation in cost of renting a home in last 12 months

A chronic supply shortage has seen the cost of renting a home rise dramatically over the last year.  In cities across the State yearly increases are up to 16 per cent, according to the latest report by property website daft.ie. The survey found there were fewer properties to rent nationwide at the beginning of May than at any point since records began. The quarterly rental report, published on Tuesday morning, shows rents nationwide climbing by an average of 2 per cent in the first three months of the year.

2. Political pressure set to mount for lower mortgage rates

Pressure for lower mortgage rates will increase as both Sinn Féin and Fianna Fáil plan to bring Bills before the Dáil this month that would give the Central Bank of Ireland the power to cap interest rates.  The political move comes despite two of the biggest mortgage lenders in the State – AIB and KBC Bank Ireland – announcing significant rate cuts yesterday for new and existing customers, and the financial regulator indicating recently that it does not want such powers. The Bills are designed to drive down what both parties consider to be excessive standard variable rates.  The arithmetic of the new Dáil gives the Opposition a real chance of having a Bill passed into law. Despite cuts announced by AIB and KBC, we analyse why they do not go far enough. They may now be the most competitive on the Irish market, but both are still charging considerably more than the euro zone norm, and far above the average rate charged in Germany (2.62 per cent); Spain (1.68 per cent) and France (1.98 per cent) in March of this year.

3. Joan Burton is stepping down as Labour leader

Former tánaiste Joan Burton is to announce she will step down as Labour Party leader today, paving the way for a contest between Alan Kelly and Seán Sherlock to succeed her. Ms Burton will make her decision known at a meeting of Labour's parliamentary party on Tuesday afternoon.  She is expected to remain in the position, which she has held for less than two years, until a successor has been chosen.  Wexford TD Brendan Howlin, the former minister for public expenditure, had been the internal favourite to take the role. However, he made it clear he would not stand in a contest. Mr Kelly, Labour's deputy leader, is understood to be seeking support to run for the role and has improved his standing lately after a series of Dáil speeches supporting water charges and criticising the formation of the new Government.

4. Garda records altered in wake of Maurice McCabe’s complaints

An investigation into complaints of Garda malpractice in Cavan-Monaghan has found changes made to electronic records on the force's Pulse system were "consistent with an attempt to excuse the failure to prosecute" people suspected of criminal offences. The changes, relating to offences such as driving without tax or insurance, were made after details of whistleblower Sgt Maurice McCabe's complaints were sent to local Garda management. The commission is critical of the Garda investigation into a public order incident and possible sexual assault on a woman in a minibus in Kingscourt, Co Cavan, in 2007. Former minister for justice Alan Shatter, former Garda commissioner Martin Callinan and the Department of Justice handled complaints made by whistleblower Maurice McCabe in a professional and appropriate manner "at all times", the report found.

5. From patrolling the seas to sailing up the aisle

When Naval Service lieutenant Grace Fanning married Carol Brady it was a wedding just like any other. But of course, it was that and so much more.  "One of my uncles who was a bit dubious [about marriage equality] said that it was only when he saw the wedding, that he realised," said Lieut Fanning, a former Second in Command of the LE Róisín, which is currently on migrant rescue patrol in the southern Mediterranean. The women tied the knot on Friday in front of about 200 guests at a marriage ceremony in the Riverside Hotel in Enniscorthy, Co Wexford. It took place "at 14.30 hours" as Grace (33) puts it with a mixture of military precision and giddiness, still delighted and excited at having married her partner of almost a decade.

Misc

UN convention on disabilities will be ratified, says Finian McGrath:  Ireland had signed the framework in 2007 but has not yet made it legally binding

Union begins balloting ambulance staff on strike action: Minister for Health Simon Harris urged to publish report on performance of service

Arlene Foster says there is no stitch-up on Northern Executive: Politicians claim DUP and Sinn Féin have already decided on programme for government

Michael Healy-Rae criticised for not securing ministry for Kerry: Fianna Fáil TD John Brassil says a 'golden opportunity' for the county has been missed