The average rent for new tenancies across Cork has risen to €1,456

The Residential Tenancies Board’s Q2 2024 Rent Index has shown the average rent for new tenancies in Cork has risen to €1,456, while the rent for existing tenancies stand at €1,197.

This represents a 2.5% change from the previous quarter and a 5.8% change from the previous year for new tenancies, while for existing tenancies prices increased 2.4% from Q1 2024 and 4.4% from Q2 2023.

The RTB also breaks down the different figures in Cork city and county.

In the city, the standard average rent for new tenancies is €1,604 and for existing is €1,341, while in the county, the average rent for new tenancies is €1,271 and for existing is €1,013.

While the rents are still less in Cork county, the region saw a higher year-on-year growth rate (8.2%) in rents for new tenancies than Cork city (3.4%), and for existing tenancies, with an increase of 4.1% in the city compared to 5.1% in the county, suggesting rural rates are catching up to urban rents quickly.

Compared to other Irish cities, however, Cork city had the lowest annual growth rate in rents for new tenancies and existing tenancies.

The standardised average rent for existing tenancies was highest in Dublin city followed by Galway city and Cork city, both at €1,341, but as has been the case since Q1 2022, new tenancy rents in Galway city were higher than Cork city.

The report also offers a breakdown by Local Electoral Area, which shows Cork City South West had the highest rent for both new and existing tenancies at €1,862 and €1,480 respectively.

Elsewhere, the rents for new and existing tenancies were €1,705 and €1,356 in South Central; €1,681 and €1,473 in South East; €1,454 and €1,223 in North West, and €1,300 €1,185 in North East.

Carrigaline was the highest non-city LEA with average rents of €1,518 for new tenancies and €1,233 for existing, followed be Bandon-Kinsale at €1,414 and €1,079.

New and existing rates elsewhere in the county were €1,196 and €818 in Kanturk; €1,211 and €1,035 in Midleton; €1,355 and €1,120 in Cobh; €1,195 and €962 in Skibbereen-West Cork; €1,259 and €954 in Macroom, and €1,088 and €996 in Mallow.

While no average for new rents was available in Fermoy and Bantry-West Cork, rents for existing tenancies were €958 and €725 respectively.