RENTERS in Cork city are now paying out an average standardised rent of €1,172 per month.
It is a 3.7% increase in just three months and a 4.1% jump in the last year.
The figures were included in the latest Rent Index published today by the Residential Tenancies Board (RTB). The RTB’s Rent Index is produced in conjunction with the ESRI and is based on 25,448 new tenancies registered with the RTB in the same quarter.
The report indicates that inflation is slowing in the rental market, though the picture remains bleak in many areas.
Rents in county areas in Cork are growing faster than the city, increasing by 5.4% in the last quarter to an average of €1,072 per month. This is a 49.9% increase from the lowest point in the market when rents were an average of €715 in the fourth quarter of 2011. The trends of increases can be seen throughout the city and county. In Cobh, rent has increased to an average of €1,103 per month, while in the Ballincollig-Carrigaline electoral district, it is now €1,287 per month.
The north-east of Cork city is the cheapest part of the city, now at an average of €963 per month, though the north-central area has hit €1,144 per month. The south-west, including Wilton and Bishopstown, has hit €1,343.95 per month, according to the report.
According to the report, national rent has increased to an average of €1,122 as of the end of the third quarter of this year.
It includes an average rent of €1,620 per month in Dublin, an increase of €141 from the end of the second quarter of the year.
The report also shows increases in Galway and Limerick in the last quarter, with Galway city now the second most expensive place in the country to rent. The city experienced an 11% increase in the last twelve months and renters are now paying an average of €1,187 per month, €15 more than Cork.
Rosalind Carroll, director of the Residential Tenancies Board, said that the slow in inflation indicates that some government strategies are beginning to work. However, she said that the number of landlords exiting the market is an issue and called for better protection for new and existing tenants.