Rents rise 9 percent as the housing crisis worsens

THE rent crisis has worsened with the cost of new leases skyrocketing 9.2 percent in the first three months of this year compared to the same period last year.

This is one of the largest quarterly increases on record.

According to the Residential Tenancies Board (RTB), the nationwide median rent for new leases is now €1,460, an increase of €46 compared to the last three months of last year.

Rents for new rentals in Dublin are now €2,015 per month.

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The 9.2 percent increase is the highest annual percentage increase since the last three months of 2017, when rent levels rose 9.6 percent.

The rent index report is based on new rentals in existing rental properties, new rentals in initial rentals and (new rentals in properties that have not been rented in the last two years.

The RTB emphasized that the rent index is not a measure of the rents of existing tenants.

It is based on rents actually paid under 10,414 private tenancies that were newly reported to RTB in the first quarter.

However, due to a mass exodus of landlords from the market, the number of registered tenancies used in the sample has fallen by 32 percent.

The average rent for a new lease in Galway City is now €1,413.

In Limerick City it is €1,273 and in Cork City it is €1,453.

Waterford City has an average new rental cost of €1,054.

The lowest monthly rents are in Leitrim, where the standardized average rent for new rentals is €734 per month.

Fourteen districts have standardized average rents for new rentals of more than 1,000 euros per month.

These are located in Carlow, Cork, Dublin, Galway, Kildare, Kilkenny, Laois, Limerick, Louth, Meath, Waterford, Westmeath, Wexford and Wicklow.

The lowest annual growth in the standardized median rent for new leases is in Wicklow, where rents have risen by 1.3 per cent.

The district with the fastest growing standardized median rent for new construction is Leitrim, which has experienced an annual growth of 22.4%.

Twelve districts recorded an annual growth rate in new rents of more than 10 percent in the first quarter.

RTB director Niall Byrne said the board is seeing a continued decline in the number of tenancies registered with it.

“These results are likely still indirectly affected by Covid-19 public health measures, as well as supply shortages and tenants choosing to stay longer in their existing tenancies.”

He added that the index results only give us a snapshot of a small part of the private rental sector in Ireland.

For a typical two-bedroom house in Dublin, the average new rental rent is €1,902 per month, which is €889 more than for a two-bedroom house outside of Dublin.

The standardized average new rent for a two bedroom house in Greater Dublin is €1,325.

When it comes to a typical two bedroom apartment, the average rent for new rentals in Dublin is €2,078 per month.

That’s €973 more than the level for a two-bedroom apartment outside of Dublin, according to RTB.

https://www.independent.ie/business/personal-finance/latest-news/rents-surge-by-9pc-as-housing-crisis-worsens-41867732.html Rents rise 9 percent as the housing crisis worsens

Fry Electronics Team

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