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Budget 2027
Increasing number of taxpayers apply for Rent Credit as Harris says he'd like to see it rise
Simon Harris says 379,020 taxpayers claimed the credit for 2024.
MORE THAN 335,000 taxpayers benefitted from the Rent Tax Credit (RTC) in 2024, with more people applying for the tax benefit than previous years.
The value of the credit for 2022 and 2023 was €500 for a single person and €1,000 for a jointly assessed couple.
It was later increased to €1,000 for a single individual and €2,000 for a jointly assessed couple.
Responding to a parliamentary question, Tánaiste and Finance Minister Simon Harris said 379,020 taxpayers claimed the credit for 2024, with 335,030 of these taxpayers benefitting from it, at an estimated cost of €363 million.
These numbers include both PAYE and self-assessed taxpayer units.
In 2023, it had been reported that just 256,205 renters claimed the tax credit, at a total cost of €145 million.
In terms of 2025 and 2026, only data from PAYE taxpayers is available.
Excluding self-assessed taxpayers, Revenue said 303,590 taxpayers have claimed the RTC for 2025, with a total credit claim value of approximately €315 million.
To 15 June 2026, 68,260 PAYE taxpayers claimed the RTC so far in 2026.
Data on claims by self-assessed taxpayers for 2025 and 2026 will not be available until mid-2027 and mid-2028.
Since the introduction of the credit, worries have been expressed about the low uptake of the credit, with the Department of Finance estimating that some 400,000 renters are eligible for the credit.
Harris recently said that the Programme for Government commits to progressively increase the rent tax credit.
The government failed to increase the renters’ tax credit in the budget last year, but the Tánaiste has indicated that increasing it this year is under consideration.
Speaking to The Journal on The Candidate podcast in June, it was put to Harris that Fine Gael pledged to increase the credit to €1,500 in its election manifesto.
“That’s definitely due consideration. Again, decisions will be for the budget, but the renters’ tax credit has an important role to play. We’ve committed to keeping it for the lifetime of the government, and yeah, instinctively I’d like to see it rise.
“As you know, we have to look at all these things in the round in the budget, but I think it’s an important part of helping people,” he said.
The national average for monthly rent in the first quarter of this year for a two-bed apartment was €2,176 – a jump of 7.8% over the previous year.
In Dublin city centre, this was €2,828 while Galway was the next most expensive city at €2,309 on average per month. Cork city’s average rent was €2,103, Limerick city’s was €1,900 and Waterford city’s was €1,490.
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