Two new Rent Pressure Zones announced as cost of rent in Ireland increases by 7% since last year 9 months ago

Two new Rent Pressure Zones announced as cost of rent in Ireland increases by 7% since last year

The latest RTB Index shows the average cost of rent in every county in Ireland.

The latest Residential Tenancies Board Rent Index indicates that the national standardised average rent was €1,202 per month for the second quarter of 2019.

This figure represents a 7% annual increase and a 3% quarter-on-quarter rise in national standardised average rent.

In terms of the most expensive area to rent, the average for Dublin was €1,713, representing an annual increase of €114 since the second quarter of 2018.

Unsurprisingly, Dublin’s rental market is still the largest in the country in the second quarter of 2019, accounting for more than two-in-five new tenancies registered with the RTB.

Outside of Dublin, the standardised average rent is considerably less than the capital, standing at €903 in Q2 2019.

The research showed that there were seven counties where the standardised average rent exceeds (or equals) €1,000 per month – Cork, Dublin, Galway, Kildare, Louth, Meath and Wicklow.

Limerick falls just under this €1,000 threshold with a standardised average rent of €991.

The county with the lowest standardised average rent was Leitrim at €560 per month.

Elsewhere, the Carlow Local Electoral Area and Macroom Local Electoral Area are to become Rent Pressure Zones, where rents cannot be increased by more than 4% per annum.

Here's a county-by-county look at the average rent prices in this quarter.

Commenting on the latest Rent Index Report, Rosalind Carroll, Director of the Residential Tenancies Board said: “We know Rent Pressure Zones are having an impact at an individual level. The RTB is supporting compliance through public awareness campaigns, online resources and information.

"However, there is no one quick fix for the rental sector and regulation is only part of the answer. The market is complex, our research illustrates this and we will be working with the ESRI to gain further insights into the factors driving rent inflation. It is important that policy is informed by the most accurate information in order to avoid any unintended consequences."

The RTB Rent Index, which is compiled in conjunction with the Economic and Social Research Institute (ESRI), is the authoritative guide to the Irish rental market. It is based on actual rents paid on 19,047 tenancies registered with the RTB in the quarter.