independent

Wednesday 22 May 2019

Average local rent now €1,242

Mary Fogarty

The standard average rent in County Wicklow in the last quarter of 2018 was €1,242, an increase of €100 year-on-year, and an increase of €37 on the previous quarter, according to report from the Residential Tenancies Board (RTB).

The national average for the same period was €1,134.

As this was an average, rents in some areas of the county, particularly the north, were significantly higher than the average either in Wicklow or across the country.

In a search on Daft.ie last week, rental prices in Bray included around €1,000 per month for a studio apartment. One-bedroom apartments ranged from €1,100 to €1,650; two-bedroom properties ranged from €1,500 to €1,650; three-bedroom properties from €1,900 to €2,000, and a four-bedroom house at €2,100 per month.

In Greystones - which, like Bray, is a rent pressure zone - there were just nine properties advertised for rent on Daft.ie. The lowest rent advertised was €1,250 for a one-bedroom apartment, and the most expensive €3,000 for a house with just two bedrooms.

These figures are more in line with the Dublin rental market. The RTB report found that the standard average rent in Dublin stood at €1,650 in the last quarter of 2018, up from €1,530 one year earlier.

Bray and Greystones are categorised as rent pressure zones, where increases are limited to a maximum rent increase of four per cent per year. This is a four per cent increase on the current rent, not what the rent was when the pressure zone was introduced.

The RTB rent index is based on actual rents paid in over 17,000 tenancies across the country.

Nationally, rents are now higher than the peak in 2007, and 25 per cent higher in the Dublin market.

There has been some moderation in the market in the last two quarters, according to the report. With more supply coming on stream and the RTB getting more regulatory powers, further easing of rent inflation is expected in 2019.

Bray People

News