independent

Wednesday 23 October 2019

Average rent now over €1,000

Eimear Dodd

The average monthly rent in the garden county remains above €1,000, according to a new report.

The latest Rent Index from the Residential Tenancies Board (RTB) put the average cost of renting a home at €1,192 for the second quarter of 2019, up from €1,166 one year earlier.

Rents in the county grew 2.2 per cent year-on-year, according to the RTB's data. While average rents continue to rise, the rate of growth in County Wicklow appeared to have slowed during the second quarter of the year. However, there will be little relief for renters as the average fell by €29 from a high of €1,221 during the first three months of 2019.

For the period from April to June period, the standardised national average rent was €1,202 per month, up from €1,123 one year earlier. On a quarter-on-quarter basis, rents grew nationally by 3 per cent in the second quarter of 2019.

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

'It is really important that landlords and tenants go to www.rtb.ie where they can check if their rental home is in a Rent Pressure Zone and what rent can be charged,' Ms Carroll added.

Growth remains high in Dublin where the standardised average rent is now €1,713 per month, up from €1,599 (€114) in the same quarter the previous year. This represents a 7.1% annual increase in rent in the capital.

The RTB Rent Index, which is compiled in conjunction with the Economic and Social Research Institute, is based on actual rents paid on 19,047 tenancies registered with the RTB in the quarter.

Bray People

News