Leitrim has the lowest standardised average rent in the country
Leitrim has the lowest standardised average rent at €582 per month according to the latest RTB Rent Index.
The Residential Tenancies Board (RTB) has published the latest index for the July-September period (Q3) of 2019. The standardised national average rent was €1,243 per month, up by about €94 from Q3 2018, and quarter-on-quarter rents grew nationally by 3.3% in Q3 2019.
However Leitrim remained the most reasonable for renters and was the only county in the country with a standardised average rent of less than €600 per month.
The RTB Rent Index, which is compiled in conjunction with the Economic and Social Research Institute (ESRI), is the authoritative report on the Irish rental market. It is based on actual rents paid on 21,236 tenancies registered with the RTB in the quarter, which is made up of new housing stock to the rental sector, new tenancies and renewals of existing tenancies.
In Dublin, the standardised average rent is now €1,762 per month, up from €1,652 (€110) in the same quarter of 2018. This represents a 6.6% annual increase in rent.
Following referral from the Housing Agency and the Minister for Housing, Planning and Local Government, Eoghan Murphy TD, the RTB, using the Q3 2019 Rent Index, has confirmed to Minister Murphy that four Local Electoral Areas (LEAs), Baltinglass LEA (Wicklow), Piltown LEA (Kilkenny), Sligo-Strandhill LEA (Sligo) and Cobh LEA (Cork), meet the designation criteria. As a result, these LEAs will be designated Rent Pressure Zones as of today, Wednesday, December 18.
Commenting on the latest Rent Index Report, Rosalind Carroll, Director of the Residential Tenancies Board said; “We are starting to see some evidence of stabilisation in key areas such as Dublin and Cork City. The pace of rental growth in the capital has reached its lowest point since Q4 2017 and in Cork City growth is the lowest since Q3 2015. Dublin and Cork City are the longest standing RPZs, so it is encouraging to see initial signs that RPZs are having a dampening effect on rents, and we hope to see similar stabilisation occur in other areas over time.
"We also expect to see some stabilisation in future quarterly reports particularly outside Dublin, as this sample reflects recent legislative changes which now require landlords of student specific accommodation to register their tenancies with the RTB. To date, we have received over 27,000 registrations for student specific accommodation."
As of Q3 2019, there were seven counties where the standardised average rent exceeds (or equals) €1,000 per month – Cork, Dublin, Galway, Kildare, Louth, Meath and Wicklow.
While Limerick, Carlow and Kilkenny all have a standardised average rent between €900 and €999. The high rental levels in these areas relative to other counties reflect the concentration of demand close to the country’s largest employment hubs.