Wednesday 16 October 2019

Standardised average rent in Louth now at €1000 - RTB

The average monthly rent in Louth now stands at €1000, according to the latest report from the Residential Tenancies Board (RTB).

The figures are for the second quarter of 2019, and also show a 5% increase on the same period in 2018.

Louth TD Gerry Adams said that the figures place the wee county as one of the most expensive places to rent a home in the country.

'The Q2 2019 data published by the Residential Tenancies Board and the ESRI is clear evidence that rent pressure zones are not working.' said Deputy Adams.

'The report from the RSB and the ESRI on rents provides the clearest evidence yet that the government's rent pressure zones policy is not working and that rents in Louth continue to be among the highest in the state.'

'Data released by the Residential Tenancies Board shows that rents have breached the rent pressure zone cap of 4% in 22 out of 26 counties. Very specifically Louth was one of seven counties where the 'standardised average rent exceeds (or equals) €1,000 per month, Cork, Dublin, Galway, Kildare, Louth, Meath and Wicklow.'

'When you examine rents by Local Electoral Area (LEA) all five covering Louth have seen significant increases in the local standardised average rents when compared with the standard across the state.'

The Louth TD added: 'Claims by the Minister that the rate of inflation in rents is slowing rings hollow when set against the fact that renters are still being hit with monthly rents well above the 4% cap. I believe that the government now needs to accept the logic that there should be a three-year emergency rent freeze, combined with a refundable tax credit for renters that would put the equivalent of one month's rent back in their pockets.' He also called for 'a major investment in affordable cost rental in Budget 2020.'

Commenting on the latest Rent Index Report, Rosalind Carroll, Director of the Residential Tenancies Board said; 'We know Rent Pressure Zones are having an impact at an individual level.'

She added; 'The RTB is supporting compliance through public awareness campaigns, online resources and information. However, there is no one quick fix for the rental sector and regulation is only part of the answer.'

'The market is complex, our research illustrates this and we will be working with the ESRI to gain further insights into the factors driving rent inflation. It is important that policy is informed by the most accurate information in order to avoid any unintended consequences.'

The Argus