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Eamonn Farrell
# life for rent
The cost of renting a house in Dublin has fallen for the first time in three years
The average nationwide cost of renting a property now stands at €973 per month.
THE PRICE OF renting a house in the capital has fallen for the first time since 2013 but average prices in the private market continue to rise.
The rate of growth in the private rental sector in Dublin slowed to 0.6% with the average price rising nationwide by over 2%.
The data from the the Residential Tenancies Board (RTB) found that average Dublin prices rose by 0.6%. However, the cost of renting a house dropped by 0.6%, with apartment prices jumping 1.6%. These figures led to an overall marginal increase in rent in the capital.
The RTB data is based on 30,260 new tenancies which commenced in the third quarter of this year.
The average national rental prices were 8.6% higher than in the same period last year, up from €897 to €973.
Nationally, rents for houses were 7.4% higher annually in the third quarter of this year up from €900 to €967, while apartment rents were up 9.9% compared to the same quarter of 2015 up from €925 to €1,017.
Dublin prices
The average rental price of a house in Dublin went up 7.1% in the same period, now standing at €1,375 monthly, up from €1,285.
The Peter McVerry Trust called on Minister Simon Coveney to urgently bring forward legislation to introduce rent regulation.
Pat Doyle, CEO at Peter McVerry Trust said:
Rents have risen rapidly over the past number of years and there has been a clear and consistent link between rising rents and new cases of homelessness. The figures released by the RTB today which show Dublin rents are up 7.1% in the past year, are consistent with recent figures from the CSO and Daft.ie which show record rent increases.
Director of the RTB, Rosalind Carroll, added: “While the rate of growth in private sector rents appears to be moderating, it is prudent not to read too much into the results for any single quarter. The market is still volatile and therefore it is difficult to identify patterns.”
