Cork, Limerick, and Waterford see rents rise over last year
Q3 – Rents 4 To Month In 3%, The City €1,000 2020 Limerick Rose In First 2019 €977 City Mark The Time Breached The Q3 €1,019 From Rents Per
Rents in Limerick, Waterford, and Cork cities all increased in the last year, official figures show.
Rents in Dublin City dropped slightly — but the average cost is still over €1,690 per month, some €470 higher than Cork City.
The Residential Tenancies Board said it was the first time that standardised average rents in Limerick exceeded €1,000 per month.
The RTB Rent Index for July to September (Q3) 2020 shows that the national average rents stood at €1,256, up 1.4% (or roughly €17 per month).
The index, compiled with the Economic and Social Research Institute, said the growth rate for two consecutive quarters was below 2%, which it said was the first time this had happened since late 2012.
In the three Munster cities, RTB figures show:
- Limerick City rents rose 4.3%, from €977 per month in Q3 2019 to €1,019 Q3 2020;
- Waterford City rents jump by 8.8%, from €772 per month to €839;
- Cork City rents rose 1.5%, from €1,202 per month to €1,220;
The index shows that Galway City has the second-highest rents, with the cost almost static compared in the last year (€1,267 to €1,269).
Dublin City has the highest rates, dropping 1% in the last year, from €1,707 to €1,690 per month.
The index said eight counties had standardised average rents above €1,000 per month, with Kildare, Louth, Meath, and Wicklow joining Dublin, Cork, Limerick, and Galway.
Dublin County, as distinct from Dublin City, had the highest standardised average rents in Q3 2020 (€1,758), with Stillorgan on the south side the local electoral area boasting the biggest rents in the country (€2,319).
The RTB said 63% of rents in Dublin were over €1,500, compared to only 11% outside Dublin.
Commenting, RTB interim director Padraig McGoldrick said: “The effect of Covid-19 on the rental sector can be seen once again in the third quarter of 2020. There is an ongoing moderation in rental price growth which can be seen throughout the country, most notably in Dublin and the Greater Dublin Area.”
He said Covid-19 had affected both landlords and tenants and that the RTB was supporting them by providing information on new rental legislation.
“Further measures and the extension of temporary protections for those facing rent arrears have just been introduced by Government,” he said.
The RTB said the Planning and Development and Residential Tenancies Act had just been enacted and extended provisions in relation to terminations served on tenants for failure to pay rent due, prohibiting increases in rents on those tenancies facing rent arrears due to Covid-19 during January 11, 2021 to April 12, 2021.
On July 1, 2019, the RTB was given new powers to directly investigate and sanction breaches of rental law.