Average Cork rent now stands at €1,386, up by 8.8% in a year

THE average rent in Cork City and county was €1,386 in the third quarter of 2023.

That’s according to the Residential Tenancies Board’s (RTB) Q3 2023 rent-index report, which was published this week.

The €1,386 represents a 1.3% increase from the previous quarter, and an 8.8% increase from the same time a year before.

The report consists of the long-standing New Tenancies Rent Index and the Existing Tenancies Rent Index, which record the rent levels for sitting tenants (in tenancies of at least one year) between Q2 2022 and Q3 2023.

Cork was the city with the lowest annual growth rate in existing tenancy rents.

Similarly, Cork was the city with the lowest year-on-year growth rate in new tenancies, showing a 7.4% increase, with the standardised average rent for new tenancies €1,497.

The standardised average rent in existing tenancies in Cork City was €1,294 per month in Q3 2023, while rents in Cork County had risen to €984.

Cork County saw a higher year-on-year growth rate, of 12% in rents for new tenancies, than Cork City’s 7.4%, with that standardised average rent in new tenancies in Cork County rising to €1,197.

Breakdown

A breakdown by local election area showed average rents of over €1,000 for new tenancies in all but one Cork region, and in nine out of 16 regions for existing tenancies.

The average rents for existing tenancies by region are: Kanturk, €830, Fermoy, €886, Midleton, €1,002, Carrigaline, €1,215, Cobh, €1,122, Bandon-Kinsale, €1,068, Bantry, €716, Skibbereen, €875, Macroom, €953, Mallow, €984, Cork City North West, €1,227, Cork City North East, €1,176, Cork City South East, €1,395, Cork City South Central, €1,304, and Cork City South West, €1,375.

The average rents for new tenancies by region are: Kanturk, €1,032, Fermoy, €1,042, Midleton, €1,173, Carrigaline, €1,552, Cobh, €1,375, Bandon-Kinsale, €1,311, Bantry, €961, Skibbereen, €1,041, Macroom, €1,286, Mallow, €1,204, Cork City North West, €1,376, Cork City North East, €1,278, Cork City South East, €1,638, Cork City South Central, €1,550, and Cork City South West, €1,606.

Sinn Féin TD for Cork North Central, Thomas Gould, told The Echo, “These figures are another blow for renters in Cork; these figures lay bare the reality that is faced by anyone renting or looking to find a new rental.”