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Ireland Sees Surge in New Tenancy House Rents

Dublin: In Ireland, the rental market poses increasing challenges for new tenants, with notable spikes in rental rates across various regions. The Residential Tenancies Board’s Rent Index report underscores this trend, revealing a 9.1% rise in rents for new tenancies, albeit slightly lower than the previous quarter’s increase of 10.7%.

The report indicates a nationwide surge in new rents, with Limerick City experiencing the most pronounced increase at 22%, while Waterford City recorded the lowest rise at 5%. The average new house rent across the nation climbed to €1,595, marking a €133 increase from the preceding year.

Dublin remains particularly daunting for new renters, with a monthly rent of €2,098 for new tenancies. In Greater Dublin, rents are slightly lower at €1,569, yet still notably higher compared to the city centre at €1,225.

In Cork, new renters face an average monthly rent of €1,400, representing a substantial €242 hike (20.9%) from existing rates. Galway City witnessed the most significant increase in existing rents at 6.1%, while Dublin City saw a more modest rise of 4.5%.

A concerning statistic emerges from the report, revealing that a substantial portion of tenants face high rent burdens. Nearly 30% of new tenants and over 15% of existing tenants pay over €2,000 monthly. Moreover, approximately 13.6% of new tenancies and 5.6% of existing tenants contend with rents exceeding €2,500.

The report also highlights a concerning trend of declining new rental registrations, dropping by 21% compared to the previous year. This downward trajectory has persisted since the second quarter of 2023, indicating potential challenges in the rental market’s stability.

Amidst these escalating rental pressures, Sinn Féin’s housing spokesperson has criticised the government for lacking a comprehensive strategy to curb rent hikes in the private sector. They raise pertinent questions about the affordability of such high rents for ordinary citizens, underscoring the urgency for effective measures to address housing affordability and rental market stability.

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