Data shows Cork ranks among the highest for average standardised rent

New data has shown that Cork city ranks among one of the highest cities nationwide for average standardised rent for new and existing tenancies.

This is according to data published in the Residential Tenancies Board Rent Index for Q3 of 2024, which shows that across Cork, encompassing both city and county local authority administrative areas (LA), the standardised average rent for new tenancies increased by 7.3% year-on-year to €1,493 per month; and by 2.7% year-on-year for existing tenancies to €1,204 per month.

The quarterly report revealed that Cork city ranks as the third highest city for average rent for new tenancies nationwide, with a 6% year-on-year growth rate and a cost of €1,602 per month.

This comes in at €91 less per month than the standardised average rent for new tenancies nationally, which was €1,693 per month.

Increase

There was also an increase observed for new tenancies in the county LA, which saw a year-on-year increase of 10.3% to €1,309 per month - €293 less per month than in the city.

While the lowest annual growth rates in average rent for existing tenancies nationwide was observed in Cork as a whole, it was also revealed that Cork city ranks as the third highest city for average rent for existing tenancies nationwide, with a 2.6% year-on-year growth rate and a cost of €1,333 per month.

This comes in at €96 less per month than the standardised average rent for existing tenancies nationally, which was €1,429 per month.

Existing tenancies

A similar increase was observed for existing tenancies across the county LA, which saw a year on year increase of 2.5% to €1,011 per month — €322 less per month than it’s city counterpart.

Of the existing tenancies included in the report for Q3 of 2024, 30.2% were new tenancies one year earlier, including new builds and properties not rented for two years that are not subject to Rent Pressure Zone (RPZ) rules.

National county breakdowns also showed that Cork recorded the second highest number of private tenancies and Approved Housing Body tenancies at the end of Q4 2024, with 25,829, and 5,640 respectively.