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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.
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Ff and fg are back to fix that by doubling it at end their term in government.
@martin finnegan: yeah, shur Eoin o Brin will get it down to about 300 euro but not the land its built on lol
@martin finnegan: it’s 3 grand a month in Dublin fckimmmmgreedy swines
@martin finnegan: Now that the “match the populists” electioneering is finished and being forced to match the nonsense policies advocated by the left workable policies can be implemented. FF gave us a surplus of housing before.
@Fintan Pox: Ya it’s the party who’ve never been in powers fault. That make loads of sense ya thick.
@thomas molloy: was that when completely they collapsed the housing market, left hundreds of ghost estates around the country and left the country hundreds of billions in debt?
@thomas molloy: yep, loads and loads of ghost estates, not fit for human habitation, but we still have the great Fianna Fail back in power as the largest party, but it could be worse
@Ger Whelan: So you prefer a shortage of houses than plenty of houses. Wow
@thomas molloy: how about getting it right, it is their job after all
When the new government is formed their first task should be to overhaul the current property tax system and replace it with a tiered system. There are over 18,000 Airbnb properties in the country and they should be taxed at the highest rate under a new system of at least 60% while at the same time landlords who offer long term leases to tenants should be rewarded by paying the lowest rate of 25% or 30%
A new property tax system like the above example would no doubt bring more long term properties onto the market by making it less lucrative for Airbnb landlords
@Chaotic State: I like that idea
@Chaotic State: the government don’t want to reduce rents
@Chaotic State: and introduce martial law like in South Korea. Lets drive them out
@Chaotic State: this ain’t a casino pal, I set the rent for my tenants to make a very sizable profit, their needs are the same as my needs
@Chaotic State: Absolutely they have the mandate now and this and a host of other shyte needs sorting out.
FG’s Rental Games, a foundation for the Hunger Games! €1,600 is the AVERAGE cost of renting? My mortgage is 800. Rent was affordable when I was younger.
@F1rYnpWc: for comparison my mortgage in the north is £550. I feel for anyone below 30 looking at those figures.
When I first came to dublin over 40 odd years ago my rent on north great charles was 6 old punts 4 one room since we adopted the euro prices are gone through the roof even a working man can’t afford a roof over his head theses days I certainly wouldn’t like moving to dublin in 2024 I’m blessed I now own my own home
@liam ward: 12 years ago my rent was 320 eu for a one-bedroom apartment and I was getting paid 1,700 at the time and I still thought rent was high. Probably wasn’t even half the mortgage. Now rents can be 3 times the mortgage. But FFG got back in so it’s what people want.
I can’t believe this, I am actually undervaluing my apartments, my tenants are living the high life, revisions and evaluations are now deemed necessary
@Fintan Pox: Mr Pox, I doubt you own a toothbrush let alone any apartments. You exist on here as a troll with multiple accounts.
@Fintan Pox: Fintan you and your 10 aliases fit into your mothers box room, will you go away out of that. I can imagine that poor woman doing your washing, some of the socks are like stalactites leaving your bedroom. That poor woman has been through the mill having a 40 year old virgin to care for
@Fintan Pox: William there has to be more to your life than commenting all day with comments that are not even contributive. Tell the people what your criminal record for William
@9QRixo8H: you are not immune to talking bucket loads of shyte yourself
@Oh Mammy: hi William the pervy pervert
@9QRixo8H: go away, Brendan
@D. Peado: What ever, Madame President…..hahahhaha
@Fintan Pox:
Bang a grand on each of them pet.
It’s a joke that that Brazilian girl was jailed.. like she had a choice in bringing the coke in.. judge agrees she’s a vulnerable person but sends her to jail anyway.. what’s achieved by this BS?
@Stiles:
A warning to other drug mules that they’ll face prison if caught bringing cocaine into Ireland.
@Stiles: if she got away without prison time, then it would send a message to drug traffickers that they can continue to send people who may be perceived as vulnerable as they will not face serious consequences
@Stiles: and the fella with the monkey walk not doing time is a joke, shame on the DPP for at least not bringing a case.
@Graham M: the traffickers don’t give a hoot about the consequences for the mule – all they’re interested in is the drugs getting through customs
@KTH: yeah I know but she had f-all choice in the matter… the fact is her fate in Brazil has she refused was obviously gonna be much worse that what the irish authorities were going to do.. who wud bring 80,000 of coke through an airport full of sniffer dogs with huge penalties etc on their own volition.. just my opinion .. and i also believe this sentence won’t deter anybody from trying cuz they simply don’t choose to do it.. they’re made to do it from fear…
Dunno where they getting figure from, take Dublin it’s now 2k plus a month, it’s madness
At 2% interest rate on a €300000 mortgage over 25 years an investor would need to charge over €1500 per month just to break even.
@Me Me: Yes, it’s simply a lack of supply that is at the root of this. Any solution has to have at it a way that enables increased supply. No more objections and 5 story apartment blocks built to a very high standard, even if they are all the same. It can be done and with the same construction method multiple building firms can focus on economies of scale. It’s an emergency and we need quick action.
@Me Me: is this ‘investor’ not getting their entire mortgage paid for them by a tenant? Would it be so awful if they didn’t break even and had to put their hand in their pocket to pay towards an asset that is getting paid for them?
@F1rYnpWc: would you work 40 hours a week but just take 30 hours of pay?
@Oh Mammy: He wouldn’t. But would be happy for others to.
@Oh Mammy: well renters give away 25 to 30 hours of work pay to a landlord, a landlord who doesnt work, to pay for his mortgage
@Me Me: Are you saying you can get a commercial rate of 2% and 25 years???
How times have changed, it used to be 17% and 15 years max/1991.
@F1rYnpWc: What do you mean doesn’t work?
@F1rYnpWc: Duh! How do you think the landlord got the money to buy the property in the first place? Errr.. yep working and saving. Do try to keep up.
Government is the cause of this problem and they certainly won’t be the solution. Their heavy regulations and zoning on new properties means that there is lack of physical properties being built. They also are insistent on repeatedly expanding the scope of the rent control laws that they first passed in 2016. This has clearly exacerbated the problem with rent supply. Profits are what persuade construction companies to build. When profits are high, more houses get built and there is competition in the rental supply market. If you cap rental prices, landlords flee the market and construction companies don’t build. When rent control is imposed, the supply of rental housing declines and then the market is distorted and prices start to rise. 98% of economists agree that it doesn’t work.
@Frank O’Hara: greed. Simple as that.
Dress it up how you want. Clown.
@offside again: The only clown around here is you buddy. You haven’t provided any sort of coherent rebuttal to the points that I raised. Is that because you know I’m right?
Governments have driven the small landlords out of the market by making it not just unprofitable but a dangerous proposition. No other investment can quangos and governme ts and bad tenants along with communistic policies, wipe out your investment.
@Alfred Ryan: Not true apparently, well according to the RTB ” registrations ” are up by 6% , ie they introduced a tax credit and people claimed it even without landlords ppsn but address etc ….and let’s say Revenue sent letters …..
@Alfred Ryan: it appears,if you read the article,the number of landlords is actually increasing.
Bargain stop moaning and pay up.
@Trump24: hi William the perv
@D. Peado: ignorance is not a hindrance to you, is it?
@Oh Mammy: hey William, who is the convicted pedo? Everyone knows, that’s why I have all the likes
@D. Peado: all your deviant alter egos propping up yourmalcontented self
Should be cheap as chips for the average person on the so called average wage oh wait… its not the average minimum wage is average not the majority in the real world not fantasy land. With the cost of living rising will make it harder to put kids through college hence worse again for them salary wise fantastic outlook put together with influx of people and no housing spendid indeed.
Well done FFG voters while the vulture and investor funds buy up everthing
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