Average rent for existing tenancies rises by 5.85% to €1,415, report finds

James Cox

Average rents for existing tenancies have risen by 5.8 per cent to €1,415, according to a new report from the Residential Tenancies Board (RTB).

Nationally, average rents continue to rise for new and existing tenancies, but the rate of growth has slowed for new tenancies.

The lower growth rate for new tenancy rents is primarily driven by Dublin, where average new tenancy rents grew by 2.5 per cent annually. Outside Dublin annual growth was higher at 8.9 per cent.

For the first time, the average rent for existing tenancies grew at a faster rate than for new tenancies.

The rate for new tenancies is up 4.7 per cent, to €1,644.

The report found 60 per cent of properties had no rent increase.

In non-rent pressure zones, 16.5 per cent of existing tenants experienced rent increase of 8 per cent or more.

That is compared to 2.8 per cent of tenants who experience rent increase in Dublin, and 4.8 per cent in other rent pressure zones.

There are 69,273 landlords with one tenancy, this is up from 63,722 at the beginning of 2023.