Tuesday 15 October 2019

Average rent prices rise to over €1000 across Louth

Standardised average rents for new tenancies in Louth rose to €1,022, according to the Residential Tenancies Board

The latest figures indicated an increase of €72 year-on-year in the October-December period (Q4) of 2018, when the standardised national average rent of tenancies in County Louth was €1,022 up from €950 (+€72) one year earlier and up €43 on the previous quarter (Q3 2018).

The RTB Rent Index, which is compiled in conjunction with the Economic and Social Research Institute (ESRI), is the authoritative guide to the Irish rental market. It is based on actual rents paid on 17,830 tenancies registered with the RTB in the quarter.

Commenting on the latest Rent Index results, Rosalind Carroll, Director of the Residential Tenancies Board said;

'The Rent Index has now provided us with important data that enables a decision to be taken on designating two new Rent Pressure Zones to be set for the Local Electoral Areas of Limerick City East and Navan. These are the first Rent Pressure Zones to be designated since September 2017. This is important for landlords and tenants as it means that rents in these Local Electoral Areas will be limited to rises of a maximum of 4% annually. This should help moderate rents in these areas.'

'We would encourage both landlords and tenants to contact us for more information on their rights and obligations and we will be rolling out a targeted information campaign in these areas over the coming weeks.

Looking back over the 2018 year, we have seen another year with continued pressures in the market and continued rent inflation, with rents now 15% higher nationally than the peak in 2007, and 25% higher in the Dublin market. We have seen some moderation in the market in the last two quarters, we would hope with more supply coming on stream and the RTB getting more regulatory powers that we will see further easing of rent inflation in 2019.'

The Argus