MONTHLY costs for rented accommodation in Dublin have risen by 4.7pc year on year.
Those living in apartments across the county are hardest hit as rents were hiked up 5.6pc compared with the same period in 2012.
Quarterly figures reported a similar steady rise of 4.5pc, according to recent findings from the Private Residential Tenancies Board (PRTB).
The latest Quarterly Rent Index demonstrates that house dwellers did not fare much better as annual rents rose 3.6pc on an annual basis, 2pc in comparison with last quarter.
At a national level, a much more moderate rent increase of 1.3pc quarterly (0.7pc annually) can largely be attributed to Dublin’s expanding monthly prices.
Rents for houses and apartments outside the capital actually fell by 1.3pc annually, and dropped 0.3pc compared with the previous quarter.
Director of the PRTB, Ms. Anne Marie Caulfield, said the findings were “really a story of two markets”. “The rate of increase accelerated in Dublin between Quarter 1 and Quarter 2 of 2013,” she said.
“The rents achieved in this period grew by 3.5pc in Dublin, with rents for apartments rising by 4.5pc and houses by 2pc. This probably reflects the end of the bedsits market, with some landlords of that type of accommodation exiting the rental market.”
“Outside Dublin the rental picture is quite different,” she added.
“There has been a year on year decline of 1.3pc and that continued for Q2, albeit at a more moderate pace of just 0.3pc. So rents outside of Dublin are broadly holding steady, while Dublin rents are increasing.”
Based on the PRTB’s register of over 273,000 tenancies throughout the country, the index reflects the actual rents being paid for rented properties rather than the asking rent.
Average rents for the various categories of properties in different parts of the country can be accessed at www.prtb.ie/.