Average monthly rent for new tenancies jumps to €1,544
Muireann Duffy
Additional reporting by Vivienne Clarke.
The average monthly rent for new tenancies nationally rose to €1,544 during the first three months of the year.
Figures from the Residential Tenancies Board (RTB) show the average cost rose by 2.5 per cent on the last quarter of 2022.
The Rental Index, which specifically looks at new tenancies, includes data from 14,085 new tenancies registered with the RTB in January, February and March this year, which is a decline from 15,336 in the same period of 2022.
The standardised average rent for new tenancies in Dublin was found to be €2,102 during Q1, while it was €1,530 in the Greater Dublin Area (excluding Dublin) and €1,490 in Cork City.
Outside the Greater Dublin Area, the average monthly rent for new tenancies was €1,133.
On a county-by-county basis, Dublin had the highest standardised monthly average (€2,102), while Leitrim had the lowest (€809).
Sixteen out of 26 counties had a monthly average in excess of €1,000, leaving just Cavan, Donegal, Leitrim, Longford, Mayo, Monaghan, Offaly, Roscommon, Sligo and Tipperary below that threshold.
'Unusually high increase'
Commenting on the figures, Threshold's national advocacy manager Ann-Marie O’Reilly said there has been “an unusually high increase” in rents in some parts of the country post-Covid, even in rent pressure zones.
Speaking to RTÉ radio's News at One, Ms O’Reilly said some landlords are taking the opportunity to increase rents, even though it might not be lawfully permitted.
Properties which have been brought onto the market after being vacant for some time can set “market rent”, she explained, which involves the landlord providing proof of comparable rent in three other properties in the area.
The figures released by the RTB showed rents are continuing to rise, Ms O’Reilly said.
While overall there were indications of moderate increases, these were still high base rents which could mean an increase of €120 “in real money” to people, she added.
