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Renters in the capital are paying €128 more a month than last year

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Housing Minister Eoghan Murphy has faced criticism

Housing Minister Eoghan Murphy has faced criticism

Housing Minister Eoghan Murphy has faced criticism

The cost of renting near the centre of Dublin has shot up by almost 10pc.

New data reveals how rents have continued to soar across the country, piling pressure on embattled Housing Minister Eoghan Murphy.

The cost of accommodation rose by close to 8pc across the country in the past year, new official figures show.

The average rent nationwide is now €1,094. This is up almost €80 in the last year.

In Dublin city, rents rose by 9.5pc, to close to €1,600 on average, according to the Residential Tenancies Board (RTB).

The surge is putting huge pressure on families struggling to afford somewhere to live. A chronic lack of places to rent means affordability has become a huge issue.

New tenancies are rising the fastest in cost, up 8.4pc in the last year, the RTB said.

However, existing tenancies have become close to 5pc more expensive year-on-year.

Dublin and the Greater Dublin Area now account for more than half of all tenancy agreements. The cost of renting in the capital is now €1,587-a-month, a rise of €128-a-month on last year.

The average rent for outside the Greater Dublin Area stood at €817, up from €768 year-on-year. The annual growth rate for outside the Greater Dublin Area was 6.3pc.

RTB director Rosalind Carroll said affordability remained a significant issue in the rental market.

She said continued economic and population growth was contributing to rising demand.

"We can see rents have continued to increase with growth rates back up in Dublin," Ms Carroll said.

Accommodation cost increases in the 21 rent pressure zones are restricted by law to 4pc.

Pressure

Ms Carroll said a new analysis carried out by the RTB shows that rises in the zones of 4.9pc were roughly in line with the permitted rental rises.

This is half of the level of rise for new tenancies.

"This shows that rent inflation in existing tenancies is more in line with what we would expect to see in rent pressure zones," she said.

However, Ms Carroll added that new lettings show a larger increase year-on-year, with exemptions from rent pressure zones explaining some of this.

"However, it is also clear that this market must continue to be monitored and it underscores the importance of the proposed legislation in this area," she said.

She added the RTB will apply sanctions where there are contraventions to the restrictions in rent pressure zones.

Mr Murphy last night released a statement in which he said quarterly rents can be volatile.

"But they do continue to rise and this continues to be a challenge," the minister added.

"People are paying too much in rent and this has to be better controlled.

"This is why I will shortly be introducing new rent protection measures into the Dail.

"I'll also continue to pursue measures to see longer leases and tenant protections when properties are sold. Of course, home sharing will be tackled in the very near future.

"All of these new measures will help us move closer to a more stable and more mature rental sector," he added.


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