Rent for new tenants rises by 9 per cent in the last year
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Rent for new tenants rises by 9 per cent in the last year
Words: Ellen Kenny
New data shows that Dublin has the highest standardised average rent in new tenancies during the first quarter of 2022.
Rent for new tenancies are up by nine per cent compared to last years, according to new data from the Residential Tenancy Board and the Economic and Social Research Institute.
The national standardised average rent for new tenancies was 1,460 euros between January and March. In the first quarter of 2021, the average rent was 1,320 euros, showing a 9.2 per cent increase.
Dublin still have the highest average rent for new tenants at 2,015 euros, compared to 1,820 euros in 2021. That is an 11 per cent increase from last year alone.
The 9.2 per cent rise is the highest annual increase since the last three months of 2017 when rent levels increased by 9.6 per cent.
The lowest monthly rents were in Leitrim, where the average rent for new tenancies stood at 734 euros per month.
Rent Index report
These statistics are based on the RTB’s Rent Index. This is based on new tenancies registered with the RTB in the first quarter of 2022.
The report also shows a fall in the number of tenancies that were registered with the RTB. 10,414 new tenancies were registered, down 32 per cent on the first quarter last year when 15,291 were registered.
RTB Director Niall Byrne explained that this is likely due to constraints in supply and tenants choosing to stay longer in their existing tenancies.
Byrne emphasised that this data is purely focused on new tenancies rather than rentals overall. The data for existing, hardened tenants isn’t any better, though. In the first quarter of 2022, the average prices for existing tenants in Dublin was 2,015 euros and 1,460 euros nationally. This is an annual increase of 11 per cent in both areas.
The average rent is now 122 per cent of the monthly minimum wage.
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