Dublin: Rents in Ireland have reached an all-time high, according to new figures.
In the first quarter of this year, average rents for new tenants increased by 8.9 percent. This is according to the latest rent index report published yesterday by the Residential Tenancies Board (RTB).
The average rent for new tenants in Dublin has reached a record of €2,102 per month. Nationally, the standard average rent in new tenancies was €1,544 in the first quarter of this year, an increase of €38 compared to Q4 2022.
The average rent for new tenants in Cork city is €1,490 per month, €381 per month higher than in Cork County (€1,109).
“Rents in County Galway are at an all-time high. This equates to a 13.4 percent increase in euros.
In Dunleary, which includes Blackrock and Dunleary, there is a 15 percent rent increase, which equates to €280 per month.
In County Roscommon, the increase is 23.7 percent, but it only amounts to a €120 increase.
The number of newly registered tenancies fell by 8.2 percent, indicating that tenants face “severe challenges in securing housing.”
Thousands of students will return to college this week, and many thousands more will come from abroad to study in Ireland. Francis Doherty, chief executive of the Peter McVerry Trust, said the new report was ‘a reminder of how expensive it is for students to find somewhere to live.’
According to Focus Ireland, many people on low or middle incomes are struggling to pay their rent as the crisis deepens, and the government budget should act accordingly to help them’.
Housing charities have warned that this year’s rent rises have ‘dangerous implications’, putting many tenants at risk of homelessness and poverty. Rents in the private rental sector are prohibitively expensive, especially for low-income and vulnerable groups.
“Food insecurity is widespread among the country’s middle class, many of whom are stressed by mounting bills.” Studies show that people are cutting back on all other expenses in order to somehow pay the rent. ‘This has a significant impact on both physical and mental health.’
Wayne Stanley, executive director of Simon Communities, said these figures highlight the need to ‘bring more affordable housing into our housing system’.
Apart from Varadkar and his team, no significant progress is being made in the housing sector. The reality is that the government is not making any new efforts in the housing sector, other than repackaging old wine in new bottles.
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