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Louth rents soar by 7.6% in last year, say Residential Tenancies Board (RTB)



The cost of renting in Louth has jumped by a further 7.6% over the last year , according to the latest rent index from the Residential Tenancies Board (RTB).

The Index analysed 10,414 new tenancy registrations, across the country, which is a decrease of 32% on the number of new tenancies included in the Q1 2021 Rent Index (15,291).]

Louth is among 14 counties where standardised average rents in new tenancies was above €1,000 per month.

The average rent in new tenancies in Louth for the first quarter of 2022 was €1,279 per month. This represents an annual increase of 7.6%, or €90. The figures also show an increase of €57 or 4.6% on a quarterly basis.

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Niall Byrne, RTB Director, commenting on the release of the RTB Q1 2021 Rent Index said: “The latest Rent Index, which is based on new tenancies registered with the RTB in the first quarter of 2022, shows continued growth in rents nationally with a yearly increase of 9.2%. We also see a continued fall in the number of tenancies that were registered with the RTB in Q1 2022. These results are likely still indirectly impacted by COVID-19 public health measures along with constraints in supply and tenants choosing to stay longer in their existing tenancies. In reading the Index, it is also important to note that these results only provide us with a snapshot into a small proportion of the private rental sector in Ireland.”

He continues: “The RTB would like to remind landlords that annual registration was introduced on 4 April 2022 requiring landlords to register their tenancies on a yearly basis. We are aware that some RTB customers are experiencing difficulty in using our online registration system and in getting through to the RTB’s customer service centre. I would like to reassure all our customers that action is underway to improve the situation and that we in the RTB are committed to working in collaboration with the rental sector during the current period of transition. Annual registration will provide the RTB with greater visibility on rents for both existing and new tenancies. This will mean that the RTB will be better able to provide new insights and information to tenants, landlords and the wider public while also helping inform the development of residential rental sector policy.”

“As a final point, I’d like to highlight that there were new changes to rental legislation which took effect on 6 July 2022 in relation to how a landlord can end a tenancy. To find out what these changes mean for landlords and tenants, please visit our website at www.rtb.ie.”