Responding to the publication of the Residential Tenancies Board Q1 2022 Rent Index, the national housing charity Threshold warns that renters are at breaking point with the pressure of increasing rental inflation.
Increasing rents and diminishing supply has compounded the cost-of-living crisis for renters. The RTB’s latest report details another chapter in the struggles of those living in– or searching for- private rented accommodation in Ireland. The RTB cited an annual increase in rents of 9.2% in new tenancies in Q1 2022 alone. This now makes the national standardised average rent in new tenancies at €1,460 in Q1 2022, showing an increase of €123 compared to the previous year. That is an additional €1,476 a year.
Threshold’s Policy Officer, Ann-Marie O’Reilly stated: “The pressures being felt by renters will only be fully alleviated by increased supply, however there are measures that the government can take in the short term to reduce the burden for tenants. The recent increase in the Housing Assistance Payment (HAP) limits to 35% are a step in the right direction, and the government has an opportunity in the upcoming budget to intervene, in a targeted manner, in the sector to provide breathing space for people. Budget 2023 must be a cost of living budget and a renter’s budget.”
“From the RTB’s report, we can see that areas outside of the Greater Dublin area are being hit the hardest, where the average annual rent increase was 9.5% in Q1 of this year, with an increase of over 20% noted in counties such as Cavan and Roscommon. This is creating shocking levels of high rents, particularly in some areas of the country that are not designated Rent Pressure Zones (RPZs). Despite these increases, there have been no new RPZ designations since September 2020, and it may be time for RPZ rules to be applied to the entire country for a period until rents stabilize.
“It is crucial that the RTB are closely monitoring rent increases and take action on breaches, and we strongly encourage anyone who has received a rent increase to contact our advisors to evaluate whether it is valid.”
Threshold’s helpline is open Monday to Friday, 9am- 9pm at 1800 454 454, with webchat at www.threshold.ie/advice/help for any renter in need of advice or support.
