Rent in new tenancies in Dublin nearly double the nationwide average 9 months ago

Rent in new tenancies in Dublin nearly double the nationwide average

The difference in rent in a new tenancy in Dublin and in Leitrim is a whopping €1,232 per month.

As the cost of living continues to rise in Ireland, a new report shows a significant increase in the cost of rent in new tenancies over the past year.

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The Residential Tenancies Board (RTB) has published its latest quarterly Rent Index report, which is based on actual rents paid on 9,346 private tenancies newly registered with the RTB during the fourth quarter of 2021.

This is a reduction of 48% on the number of registered tenancies used in the sample in the Rent Index for the same period in 2020, a factor Niall Byrne, RTB Director attributes to constraints on the supply of rental properties and current tenants choosing to stay put for longer.

On a yearly basis, the cost of renting in new tenancies grew by 9% nationwide, a further increase from the previous report.

The standardised average rent in new tenancies for houses in Ireland was €1,390, a slight decrease from the previous quarter, but 9% higher from the previous year.

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The standardised average rent in an apartment was €1,459, an increase of 9.3% from the same period in 2020.

The cost of renting in new tenancies in Dublin was nearly double that of renting outside of the county, with rent in Dublin costing €1,972 per month on average, compared to €1,104 per month outside Dublin.

For new tenancies, Dublin remains the most expensive part of the country to rent in, with the lowest monthly rents found in Leitrim.

The standardised average rent in the Connacht county was €740 per month.

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On a quarterly basis, rents in new tenancies fell in 14 counties during the last quarter of 2021.

Rents for new tenancies in Roscommon increased the most with a quarterly growth rate of 12.6%.

“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," said Niall Byrne, RTB director.

"We also note a fall in the number of tenancies registered in the quarter.

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"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.”