THE AVERAGE COST of rent for new tenancies in Ireland has grown to over €1,600, according to a new report released today by the Residential Tenancies Board (RTB).

Additionally, the average rent for existing tenancies has risen to €1,415, according to the board.

At an individual level, around 60% of rental properties did not see an increase in rent, and the average pace of increase has slowed – but the two rates nonetheless saw an annual increase of 4.7% and 5.8% respectively.

The RTB bulletin released today has revealed figures relating to the cost of rent, the number of tenancies, and the number of landlords in Ireland.

It comes at a time when the housing crisis is a major political issue and many renters face difficulties like finding accommodation, affording the cost of rent, or trying to save for a mortgage while also paying expensive rent bills.

“Nationally, average rents continue to increase for new and existing tenancies, but the rate of growth has slowed significantly for new tenancies,” the RTB bulletin says.

“The lower new tenancy growth rate is primarily driven by Dublin, where annual
growth in average new tenancy rents was 2.5%. Annual growth levels remained higher outside Dublin at 8.9%,” it said.

“For the first time, the average rent for existing tenancies grew at a faster rate than for new tenancies. Sitting tenants, however, continue to pay lower rents than new tenants.”

Rent increases were lower in rent pressure zones (RPZ), the RTB found.

Rents for individual properties with ongoing tenants in Dublin rose on average by 1.3% annually to quarter one of 2024 and by 1.4% in other rent pressure zones but by 3.5% in non-RPZ areas.

Rents for properties where tenants changed in Dublin increased by an average of 2.8% annually to quarter one of 2024 and by 5.2% in other RPZs but by 14% in non-RPZ areas.

Additionally, the number of private landlords in Ireland has grown to 104,327, a 5.7% annual increase.

The number of landlords has increased in every quarter since the second quarter of 2023 “across most sizes of property portfolio from one to 100+ tenancies”, the RTB said. 

Additionally, the number registered private and Approved Housing Body tenancies have grown.

Registered private tenancies rose by 8.4% annually to reach 236,198 and Approved Housing Body tenancies increased by 15.6% annually to 49,195 in the third quarter of 2024.