New tenancy rents rose faster than existing ones last year, says RTB

February 9, 2024

Rents in new tenancies went up faster than in existing tenancies, according to new figures from the Residential Tenancies Board (RTB) for July to September last year.

National average rents for new tenancies were €1,598 per month, up 11% on the previous year, while existing tenancies rose 5.2% to a national average of €1,357.

Breaking down the average figures, there was a higher percentage increase in new tenancies outside Dublin, where monthly rent costs rose nearly 13% compared with 10% in the capital.

There were 14,000 new tenancies in the third quarter of last year. The cost to rent a three bed house in Dublin was €2,362, while the same house cost €1,297 elsewhere.

Those in existing tenancies in a three-bed house paid a monthly average of €1,041 outside of Dublin, rising to €1,891 in the capital.

The figures from the RTB, independently analysed by the ESRI, are based on tenancy registrations and, since April 2022, tenancy renewals as landlords were obliged to re-register tenancies every year.

The RTB points out that compliance with Rent Pressure Zone rules that limit rent increases in existing tenancies is not measured in the Q3 Rent Index Report.

“The report provides robust insights into the private rental sector by tracking rental price developments in new and existing tenancies,” Lucia Crimin, Deputy Director of the RTB said.

“Although rent levels are continuing to rise in both new and existing tenancies, standardised average rent levels in existing tenancies are lower than in new tenancies.

“The RTB is responsible for ensuring there is compliance by landlords with their legal obligations, including registering tenancies and setting rent amounts correctly.”

Dr Rachel Slaymaker, Research Officer at the ESRI, has said the latest quarterly report on rents highlight the difficulties that new renters continue to face.

Speaking on RTÉ’s Morning Ireland, she said it shows the disparity in rent “year-on-year” between people in new and ongoing tenancies.

Dr Slaymaker said the rise in new tenancy rents is “a very high figure historically”.

Article Source – New tenancy rents rose faster than existing ones last year, says RTB – RTE

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