The latest findings in the RTB Q3 2022 Rent Index Report provide mixed results in the private rental market.
A slight year-on-year increase of 0.8% in the number of newly registered tenancies in Q3 of 2022 signals a slightly positive change, but challenges remain with rising rental costs for a majority of private renters. The year-on-year change in average rents of newly registered tenancies shows a national increase of 6.7%. Meanwhile Cork, Kildare and Wicklow report year-on-year average rent increases of under 3% for new tenancies.
Threshold’s National Advocacy Manager Ann-Marie O’Reilly commented: “We are continuing to see annual increases in standardised rents nationwide, with alarming increases in regional areas. Kerry has seen the largest standardised rent increase by almost 17% year-on-year, with private renters in new tenancies facing an average rent of over €1,000 per month, indicating that regional areas are facing extreme challenges in the housing crisis.
“Unsurprisingly, average monthly rents in new tenancies based in Dublin have increased yet again. Year-on-year increases were reported in each of Ireland’s main cities, with Limerick City recording the highest increase of 15.7% and Cork City recording the lowest among Irish cities of 2.2%. These increases are all above the 2% yearly increase permitted in Rent Pressure Zones, showing that a greater enforcement of RPZ rules is urgently needed to protect renters in an already challenging financial time.
“Renters in rural locations faced some of the greatest yearly increases including Donegal, at 15.7% and Longford, at 16.4%.
“We need an extension of Rent Pressure Zones (RPZs) to more regional areas to safeguard against further extortionate rent increases. RPZs are only one part of a solution. Private renters across Ireland desperately need more affordable housing options. We hope that the new Short-Term Let Register will help in alleviating the housing pressure in high tourist areas, and return much needed housing to the long-term market.”
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.