Business Property & Mortgages

Sunday 20 October 2019

Cost of renting a home increases by 2pc

Charlie Weston Personal Finance Editor

THE cost of renting a home has risen again as tenants are being forced to pay more to secure accommodation in places where they want to live.

A new index of the actual rents paid by thousands of people shows that they rose by 2pc in the first three months of the year.

This took the average rent across the State to €785. At the start of 2011, it cost €773 to rent a property.

Rents have been rising since the start of last year, the Private Residential Tenancies Board (PRTB) said.

Dublin rents are up when compared with last year, but they have fallen back when compared with rental levels at the end of last year.

This was due to weaker demand for apartments in the capital, the PRTB said.

The average rent in Dublin is €974, which is down almost €20 from the end of last year. Renting a house in the capital costs €1,100, with apartment rental costs not far behind at €964.

Outside Dublin, it costs €646 a month to rent a residential property. But it is more expensive, at €670, to rent an apartment outside the capital. A house costs €641 a month to rent outside Dublin.

Accurate

The PRTB report is based on more than 277,000 tenancies throughout the State.

It said it was an accurate picture of rental levels as it captured real rent levels rather than those advertised. The index was produced in association with the Economic and Social Research Institute (ESRI).

Landlords are obliged to register with the board.

The index would take the "speculation out of renting", PRTB director Anne Marie Caulfield said.

She highlighted the detailed information contained in the new index at www.prtb.ie.

"We can give a micro-level breakdown, by county, postcode and townland; by dwelling type (semi-detached house, detached house, terraced house, apartment); and by the number of bedrooms for each of those dwelling types."

The report, to be published every three months, is made up of an average rent report and a rent index, which captures the trends in rent levels going back to 2007.

Housing Minister Jan O'Sullivan, who launched the report, said one-in-five households now rented their accommodation.

The PRTB is the national organisation with whom landlords are obliged to register. It also resolves landlord and tenant disputes.

Irish Independent

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