Saturday 18 August 2018

Average cost of renting surges past €1,000 a month nationally

Photo: Stock Image
Photo: Stock Image

Personal Finance Editor

THE average cost of renting has surged past €1,000 a month nationally.

New figures show rental inflation hit 7pc in the first three months of the year compared with the previous quarter.

The data from the State’s Residential Tenancy Board show that the cost of renting jumped by €70 a month in March compared with a year earlier. This meant the average cost nationwide is now €1,060.

It now costs €1,500 a month for accommodation in Dublin, up more than €100 from a year ago.

That is 16pc higher than they have ever been before.

Outside Dublin and its surrounding areas the cost of renting is now €791.

The capital city and surrounding commuter counties are pushing up the cost of renting nationally, according to the Residential Tenancy Board rental index.

But Cork saw rents rise, as did Limerick.

The cost of renting has now gone above €1,000 a month in Dublin, Kildare, Wicklow, Meath, Cork and Galway.

The figures show that rents in the greater Dublin area (excluding Dublin) decreased by 0.72pc compared with the previous quarter, falling €8 from €1,112.

Outside Dublin and the greater Dublin area the standardised average new rent was €791, up just €1 on the previous quarter.

Online Editors

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