Report shows latest average rents in Cork city and county 

THE Residential Tenancies Board (RTB) has published the Q4 2023 Rent Index report for the period October to December 2023.

In Cork City, the standardised average rent for new tenancies was €1,532, and for existing tenancies was €1,299, while in Cork county these figures were €1,228 and €985.

Cork City had the second-highest annual growth rate in new rents, behind Limerick, with an annual growth rate of 9.3%, €304 higher than that Cork County, at €1,228.

But this gap is closing as rates grow even faster outside of urban centres, with Cork county seeing a higher year-on-year growth rate for rents in new tenancies than Cork City, at 16.9%.

The annual change for existing tenancies in the city was less than half of the annual change for new tenancies in Cork county.

Speaking on the publication of the report, RTB deputy director, Lucia Crimin, said: “Although, rent levels are continuing to rise in both new and existing tenancies, standardised average rent levels in existing tenancies remain significantly lower than in new tenancies.

“Nationally, the standardised average rent for new tenancies remained virtually unchanged from the previous quarter.”

The standardised average rent for existing tenancies in Cork City was €1,299, up just 0.5% from the previous quarter, but a 5% year-on-year increase, while in Cork county the increase from the previous quarter was just 0.1%.

Cork County saw a lower year-on-year growth rate, 3.6%, in rents for existing tenancies than Cork City, at 5%, with the standardised average rent in existing tenancies in Cork county €985 per month, €314 lower than that for Cork City.

A breakdown by region shows that no area of Cork City or county had a standardised average rent below €1,000 for new tenancies, with the lowest being €1,035, in Kanturk, and the highest being €1,791, in Cork City South West.

Rents in Carrigaline and Bandon-Kinsale were also higher than rents in Cork City North East and North West for new tenancies, though rents for existing tenancies in Bandon-Kinsale were lower than in any of the Cork city regions.

For new tenancies, people were paying €1,035 in Kanturk, €1,041 in Fermoy, €1,105 in West Cork, €1,126 in Mallow, €1,236 in Midleton, €1,245 in Macroom, €1,285 in Cork City North East, €1,341 in North West, €1,421 in Bandon-Kinsale, €1,508 in Carrigaline, €1,607 in Cork city South East, €1,611 in South Central and €1,791 in South West.

For existing tenancies, rents were paying €825 in Kanturk, €895 in Fermoy, €914 in West Cork, €984 in Mallow, €1,000 in Midleton, €1,002 in Macroom, €1,073 in Bandon-Kinsale, €1,162 in Cork City North East, €1,194 in North West, €1,203 in Carrigaline, €1,307 in Cork City South Central, €1,379 in South West and €1,419 in South East.