Rent Pressure Zones includes all of Louth
Local electoral areas in Dundalk, Carlingford and Ardee now included in Rent Pressure Zones
All of Co Louth is to become a rent pressure zone as the latest figures from the Residential Tenancies Board show that soaring rents throughout the county are amongst the fastest growing in the country.
This means that Dundalk, Carlingford and Ardee now join Drogheda, which was designated as a rent pressure zone in September 2017.
Once an area becomes an Rent Pressure Zone, rents cannot be increased by more than 4% per year. This applies to new and existing tenancies (unless an exemption is being applied).
The latest figures from the Residential Tenancies Board shows that rents in Louth have increased by 10%-12% year on year, making it one of nine counties (along with Cavan, Laois, Limerick,, Meath, Offaly, Roscommon, Waterford, Westmeath) where rents grew at double digit levels in Q1 2019, representing the fastest growing rents on a year-on-year basis.
During the first quarter of the year, the average standardised rent in the Dundalk South local electoral area stood at €1,089, the highest in the county, ahead of Drogheda rural at €1,069.29 and Drogheda Urban at €1,039.14.
Rents in Dundalk Carlingford were €963.37, while Ardee was the lowest in the county at €912.08.
The Residential Tenancies (Amendment) Act 2019 has brought changes to the criteria to assess whether an area can be designated as a Rent Pressure Zone. The new criteria means that areas can be compared to more regionally appropriate standardised average rents.
Following referral from the Housing Agency and the Minister for Housing, Planning and Local Government, Eoghan Murphy , the Residental Tenancies Board using the Quarter 1 2019 Rent Index have confirmed to Minister Murphy that 19 Local Electoral Areas (LEAs) across eleven counties meet the designation criteria.
The designation for these comes into affect today, July 2nd.