THE average standardised rent in new tenancies in County Wexford for the first quarter of the year to-date was above €1,000.
That’s according to a report published by the Residential Tenancies Board (RTB) which revealed the Model County was one of 14 counties with average new tenancy rent above that figure.
Counties Kilkenny, Waterford, Carlow and Wicklow were also among the 14, however in the case of Wicklow the report revealed the Garden County experienced the lowest growth in standardised average rent at 1.3 per cent.
The average figure for standarised new tenancy rent in County Wexford for the first quarter of this year was €1,001.79 compared to €964,44 for the final quarter of 2021.
In the first quarter of last year the average figure across the county was €857.09 with the year-on-year increase amounting to 16.9 per cent which was the sixth highest growth increase across the country.
Within the county the average standarised rent for new tenancies amounted to: Gorey (€1,035.01); New Ross (€999.40); Wexford town (€1,002.71) and Enniscorthy (€900.97)
The RTB report, which was covered the period between January and March this year, was independently analysed by the Economic and Social Research Institute (ESRI).
The RTB rent index is based on the total number of private tenancies newly registered with the RTB each quarter and it provides rental indicators based on actual rents paid in the private rental sector in Ireland.
Nationally, the Q1 2022 index showed that the standardised average rent in newly registered tenancies was €1,460 per month, which was an increase of €46 compared to Q4 2021.
The quarterly growth rate represents a 3.3 per cent increase and on a yearly basis, rents in these newly registered tenancies increased by 9.2 per cent which is higher than the 8.5 per cent yearly growth rate last quarter.
In Q1 of this year, the standardised average rent in new tenancies for houses in Ireland stood at €1,447 per month, which was an increase of 4.2 per cent on Q4, 2021.
Meanwhile the standardised average rent in new tenancies for apartments was €1,498 per month in Q1, 2022, an increase of 2.8 per cent on the last quarter of 2021, and an increase of 9.1 per cent compared to the same period last year.
The standardised average rent in new tenancies in the Greater Dublin Area (GDA) stood at €1,472 in Q1, 2022, while it was €1,081 outside the GDA.
The standardised average rent in new tenancies for houses in Q1, 2022, was highest at €2,260 per month in Dublin and lowest at €1,113 per month outside the GDA while the standardised average rent in new tenancies for apartments in Q1, 2022, was highest at €1,975 per month in Dublin and lowest at €1,054 per month outside the GDA.
Commenting on the figures, Niall Byrne, director with the RTB, 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 per cent. 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."
Mr Byrne went on to comment: “The RTB would like to remind landlords that annual registration was introduced on April 4, 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 and 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.”