Rents rose 4.5% in all 25 counties in the first quarter
DUBLIN: The latest data from the Residential Tenancies Board (RTB) and the Economic and Social Research Institute (ESRI) show that rents continue to rise in Ireland, even during the pandemic period.
According to the RTB, rent increases were recorded in 25 of the 26 counties, with 17 witnessing annual hikes of more than 5%.
Data also reveals that rents in the eight counties – Cork, Dublin, Galway, Kildare, Limerick, Louth, Meath and Wicklow – average more than €1,000 per month.
Rents rose 4.5% in the first three months of this year. Both RTB and ESRI emphasize that rents outside of Dublin are continuing to rise over this time period. Rents outside of Dublin increased by 7%, while they decreased by 2% inside the capital.
Rent in Dublin is twice as high as it is outside of the city
The average rent in Dublin was €1,820 per month. This is an increase of two per cent over the first three months of last year. Stillorgan had the highest average rent (€2,378 per month). The average rent for a typical two-bedroom house in Dublin is €1,753, which is twice the rent outside the capital.
Highest monthly rent was in Kilkenny, while lowest was in Leitrim
Rents in Kilkenny rose at the quickest rate in the first quarter of this year, up 12.3% over the same period last year. Leitrim had the lowest monthly rent in the country, at €596, up 3.8% year on year.
“The COVID-19 pandemic continued to impact the economy and the rental sector in the first quarter of 2021,” said Padraig McGoldrick, Interim Director of the RTB. The average rent across the country during this period was €1,320. This is an increase of €33 over the last three months of 2020.
The RTB also said that the number of tenants had declined during the period. The number of registered rental tenancies dropped during the quarter to 15,532 from 16,235 in the last three months of 2020. The board said this was most likely due to COVID-19 restrictions.
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