Average rent now €1,415 a month for new tenants
Showed Last The Registered Rtb’s October Area The The 9,346 Dublin Index Private And 2% Of Dublin Between Of Accounted And Rtb December Year With For Tenancies 55 Report Greater Rent Latest Newly The
The number of new tenancies registered with the Residential Tenancies Board has plummeted by 48% while rents are now averaging €1,415 for new tenants.
According to the RTB’s latest Rent Index Report, Dublin and the Greater Dublin Area accounted for 55.2% of the 9,346 private tenancies newly registered with the RTB between October and December of last year.
Nationally, the index shows the standardised average rent in new tenancies was €1,415 per month in those months, a slight decrease compared to the previous three months, June to September 2021.
Despite the fall in tenancy agreements, the amount of rent charged in the last quarter of 2021 grew by 9%, which is higher than the yearly growth rate in the previous quarter.
The standardised average rent in new tenancies for houses in Ireland stood at €1,390 per month, which is a slight drop of 0.9% on the previous quarter and an increase of 9% compared to the same period in 2020.
The standardised average rent in new tenancies for apartments stood at €1,459 per month, which is an increase of 0.6% on the third quarter in 2021 and an increase of 9.3% compared to the same period in the previous year.
Rents in new tenancies in Dublin were substantially higher in October, November, and December of last year than those outside Dublin at €1,972 per month, compared to €1,104 per month.
The standardised average rent in new tenancies in the Greater Dublin Area stood at €1,393 as of the last quarter of 2021 while it was €1,059 outside the area.
For houses and apartments, annual growth in rents for new tenancies was strongest outside the Greater Dublin Area.
On a quarter-on-quarter basis, the standardised average rent in new tenancies fell across all regions.
RTB director Niall Byrne said: “Today's Rent Index reports on rental price changes in new tenancies and shows continued growth in rents being set for this proportion of the overall private rented sector.
“We also note a fall in the number of tenancies registered in the quarter.
“This is likely driven by factors such as continuing constraints on the supply of rental properties and by current tenants choosing to stay longer in their existing tenancies.”
Mr Byrne pointed out that on April 4, new legislation was introduced requiring landlords to register all tenancies with the RTB on an annual basis.
This is a significant change for the residential rental sector and for landlords as one of the benefits from annual registration will be to provide the RTB with current data on all rents, enabling the body to publish more detailed reports on rents and rent levels from 2023.
The RTB will also be able to identify new rental stock that hasn’t been let previously, as well as the type and size of landlord of this stock, the stock leaving the sector, and the type and size of landlords associated with this, and rent levels in all existing residential rental stock.
Mr Byrne added: “While we know the vast majority of landlords work to ensure good relations with their tenants and comply with rental law, those who clearly fail to observe the law and who deliberately breach the legal rights of tenants, will be held accountable by the RTB.”