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rent index

Average rents for new tenancies see 6.7% year-on-year increase

That’s according to the RTB’s Rent Index, which compared new rents in Q3 of 2022 to the same period in 2021.

THERE WAS A 6.7% annual increase in rents for new tenancies in the third quarter of last year.

That’s according to the latest Rent Index Report from the Residential Tenancies Board (RTB).

The Rent Index is used to measure price developments faced by people taking up new tenancies in the private rental sector.

Independently analysed by the ESRI, the Rent Index is based on new tenancies in existing properties, new properties being rented for the first time, and new tenancies in properties that have not been let in the previous two years.

It’s based on actual rents paid under 19,539 private tenancies which were newly registered with the RTB in Quarter 3 (July to September) of 2022.

In Quarter 3 of 2022, the national standardised average rent in new tenancies was €1,482.

That’s a €22 increase on the previous quarter of 2022, but a 6.7% year-on-year increase when compared to the average of €1,389 seen in Q3 of 2021.

Annual rents increased by 3% in the Greater Dublin Area and was at it’s highest outside of Dublin, at 7%.

Average rent for new tenancies in Dublin in Q3 of 2022 was €2,022 per month, and €1,476 in the Greater Dublin Area.

This compares to average rents of €1,164 per month outside of Dublin and new rents were at their lowest in Donegal, at an average of €809 per month.

Fourteen counties had also had average rents in new tenancies above €1,000 per month in Q3 of last year (Carlow, Cork, Dublin, Galway, Kerry, Kildare, Laois, Limerick, Louth, Meath, Waterford, Westmeath, Wexford, and Wicklow).

While rents fell by 0.3% in Kilkenny in Q3 of 2022 when compared to the same period a year previous, and fell by 0.2% in Carlow, they increased by 16.5% in Kerry, the fastest growth in the country.

Meanwhile, 12 counties had a yearly increase in new rents above 10% (Cavan, Clare, Donegal, Leitrim, Limerick, Longford, Kerry, Mayo, Offaly, Roscommon, Westmeath, and Wexford).

Niall Byrne, RTB Director, noted that it’s been almost a year since the introduction of annual tenancy registration for landlords.  

Byrne said annual registration is providing the RTB with “much greater visibility on rents for both existing and new tenancies”.

He added: “This enhanced information on the sector will allow us to provide new insights and improved information to tenants, landlords and the wider public during 2023, while also providing additional data to inform the development of future policy for the residential rental sector.”

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