Cork town designated a Rent Pressure Zone from today

Cork town designated a Rent Pressure Zone from today
Cobh has been designated a rent pressure zone.

Cobh has been designated a Rent Pressure Zone by Housing Minister Eoghan Murphy.

The Local Electoral Area meets the criteria, where rent inflation in the area was 7% or more in four of the last six quarters, and the rent is above comparison standardised average rent appropriate for that area.

The current average rent in the area is €1,111, with the year on year increase from quarter 3 2018 to quarter 3 2019 up 7.36%.

The figures come from the Residential Tenancies Board (RTB) Rent Index for quarter 3 2019.

It shows an 8.2% annual increase in national rents, but there are some signs of stabilisation in Dublin and Cork City.

The national standardised average rent was €1,243 per month, with the average rent for Cork City €1,192, up 1.4%. Year-on-year it’s the lowest annual increase in Cork since the same quarter in 2015.

On an annualised basis, rents in Cork City grew at the slowest rate of the 5 cities.

According to the report affordability still remains an issue in Dublin, which represents about 40% of tenancies in Ireland. However, the fall in growth rate in Dublin and Cork is a sign that the pace of increase has fallen and may be stabilising in the areas which have been Rent Pressure Zones the longest.

The figures show that across Cork county the average rent for a one-bedroom apartment is €830, two bedrooms costs €1,123, with a three-bed priced at €1,152 a month.

Homes are more expensive, standing at €981 for a one-bedroom property, €1,129 for two beds, and a three-bed costing €1,338.

In terms of counties, the annual year on year rental price growth rate was lowest in Cork at 3.5%, Kerry saw a staggering 39.9% increase.

As of the third quarter of 2019, there were seven counties where the standardised average rent exceeds or equals €1,000 per month – Cork, Dublin, Galway, Kildare, Louth, Meath and Wicklow.

Commenting on the latest Rent Index Report, Rosalind Carroll, Director of the RTB said: “We are starting to see some evidence of stabilisation in key areas such as Dublin and Cork City. The pace of rental growth in the capital has reached its lowest point since Q4 2017 and in Cork City growth is the lowest since Q3 2015.

“Dublin and Cork City are the longest standing RPZs, so it is encouraging to see initial signs that RPZs are having a dampening effect on rents, and we hope to see similar stabilisation occur in other areas over time,” she added.

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