RENTS FOR HOUSES are 19.6% lower than they were during their peak in 2007 – but Dublin rates are far higher than elsewhere and increasing.
Rents for houses outside of Dublin are 22.8% lower than they were in the fourth quarter of 2007, while rents for Dublin houses are just 8.4% lower than in late 2007.
Figures show that rent in Dublin has surged by 9.5% in the last year alone.
That’s according to the latest Rent Index from the Private Residential Tenancies Board (PRTB).
It shows that in the third quarter of 2014 (July-September), monthly rents were over 17% lower than their peak in late 2007, with Dublin rents down 9.4% from the peak.
Nationally, monthly rents for apartments are 15.4% lower than in the fourth quarter of 2007. Apartment rents outside Dublin are 21.3% lower than their peak, while rents for Dublin apartments are 9% lower than in late 2007.
Dublin rents calming
The index found that rent rates in Dublin started to calm down in the third quarter of this year, while rates outside of Dublin increased.
It stated that while private sector rents are continuing to increase – the rate of growth died down from July to September.
It says this is a reflection of trends in the Dublin rental market and that the pace of increase in the rental market outside of Dublin became stronger in the third quarter – when compared with the second quarter of this year.
Dublin rents grew by 2.3% in the third quarter of last year compared with the second quarter.
While rents for properties outside Dublin were up 2.5% in the third quarter of 2014 compared to Q2.
National level
Nationally monthly rents for houses were up by 3% quarter on quarter, while rents for apartments were 1.5% higher than in the second quarter of last year.
Private sector rents were 5.6% higher in the third quarter of this year compared to the same period last year – up from €790 to €835, a rise of €45.
Rents for houses were 4.3% higher, up from €786 to €819, while apartment rents were 7.3% higher this year than in the third quarter of 2013 – up from €805 to €864.
Annual growth in the Dublin market was stronger, up by 9.5% (€103), with Dublin house rents up by 7.5% (€92) and Dublin apartment rents were higher by 11.6% (€122).
The rent index showed that in contrast to the Dublin market – annual growth in rents for the market outside of Dublin was more subdued. A growth of 3.8% was recorded when compared to the third quarter of 2013; up from €631 to €655.
Monthly rent for houses outside Dublin increased by 3.4% (€22), up from €648 to €670, while apartments outside Dublin experienced an increase of 5% (€30), from €607 to €637.
This data comes from the PRTB’s Quarterly Rent Index which is compiled by the Economic and Social Research Institute (ESRI) for the Board.
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