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AVERAGE RENTS IN new tenancies increased nationally by 11.6%, the highest annual increase since the Residential Tenancies Board (RTB) series began in 2007.
The RTB today launched its Rent Index Report for Q2 of this year, covering April to June 2023.
New rents increased by 11.6% between Q2 of 2022 and Q2 of this year.
The year-on-year rate of change in new tenancies in Dublin was 10%, but 11.7% outside of Dublin.
However, average rents in new tenancies in Dublin are considerably higher than the national average.
In Dublin, this figure is €2,102, against a national average of €1,574.
Leitrim is the county with the lowest average rent for new tenancies, at €879 per month.
There was also a stark quarter-on-quarter rate of change in new rents, standing at 5.2% nationally and 4.7% in Dublin.
Outside of Dublin, defined as outside Co Dublin, this quarterly rate of change is 6.1%.
Sinn Féin’s spokesperson on Housing Eoin Ó Broin has called for the Government to urgently ban rent increases following the latest RTB report.
He said the increases are “shocking” and added that Sinn Féin’s proposal to freeze rents “would have prevented these massive increases”.
“This is simply unsustainable,” said Ó Broin. “Renters cannot keep taking these kinds of rent hikes. They need a break.
“But this government does not care about renters. That much is clear.”
He also called on the government to “put a full month’s rent back in every private renter’s pocket”.
O’Broin also criticised increases for existing renters.
For the first-time, information on rent levels in existing tenancies have been included in the RTB index.
Previously, the RTB Rent Index only included new tenancies.
Rent levels for existing tenancies are lower than new tenancies, with a difference of €242 per month (€1,332 vs €1,574).
The average rent for existing tenancies nationally was €1,332 in Q2 of this year, and €1,767 in Dublin.
The average rate of increase nationally for existing renters is 5.3%, and 5.5% in Dublin and 4.7% outside of Dublin.
The quarter-on-quarter rate of change nationally is 1.1%, while that figure is 1.8% in Dublin and 1.7% outside of Dublin.
RTB Director Niall Byrne described the “production of an index that can track rent developments in all rents across the private rental sector as a major step forward”.
He added: “Over time, these indices will provide strong evidence and deeper insights into the private rental sector for the benefit of policymakers and the public.”
Sinn Féin’s Eoin Ó Broin also claimed that the RTB data “shows there are clearly issues with some landlord’s compliance with the 2% Rent Pressure Zone cap”.
Rent Pressure Zones (RPZ) are in parts of the country where rents are highest and rising, and where households have the greatest difficulty finding affordable accommodation.
Rents in a RPZ cannot be increased by more than 2% per year.
The Residential Tenancies Board has said that its existing tenancies index doesn’t measure compliance with RPZ legislation.
The RTB added: “The 5.3% annual increase in rents in existing tenancies is not to be interpreted as a measure of compliance with the RPZ rules.
“This is a national figure that is based on existing tenancies, both inside and outside RPZs.”
The RTB further explained: “Year on year, the set of existing tenancy properties in the index will change as some tenancies end and others reach one year in duration and so are included.
“For this reason, it is not expected that the Existing Tenancy Rent Index could provide a measure of allowable rent increases in RPZs.
“The only reliable way to assess compliance with the RPZ rules is to track individual properties over time.”
However, Director of the RTB Niall Byrne said the organisation is “committed to ensuring compliance with rental law, particularly the requirements to register tenancies and to set lawful rents in RPZs”.
He added that the data available to the RTB as a result of the requirement to renew the registration of tenancies annually provides “very important information which the RTB can now use in planning its compliance and enforcement activities”.
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I can imagine they are gone up but any RTB figures you must take with a pitch of salt. One of the most hopeless and shambolic ‘boards’ set up in the country for both tenants and landlords
@Dan Danny: You imagine??? Rents in Cavan have gone up 100% in the last 18 months.
@Peter Murray: actually yes. They should be allowed. They own it.
A grand oul scam, make a mortgage out of the reach of most workers, get everyone renting, and then control the price.
So giving the Landlord’s a tax break didn’t help matters? Shocker.
@Peter Murray: In most areas you are. It’s a time percent of the area in it Ireland which has the 4% rule. Rents in Cavan have doubled in 18 months. That’s 100% not 4
@Nicholas James O’Donnell: what tax breaks did the landlord get?
@Storm Chaser:
They were announced in the budget, don’t hold your breath.
when i leave a tenancy i make a point of reviewing the price of the property on daft to ensure it is advertised within the limits of the RPZ law. if not i contact the RTB and i find more importantly the revenue. the revenue are only too delighted to find landlords will multiple rentals properties and not declaring any rental income. left a few landlords in my wake oweing significant sums of money and penalties. few death threat texts aswell, that brought a smile to my face.
@Niall English:
And any landlord reading that just wrote in his diary,
“Never rent to anyone called Niall English”
@Niall English: I assume you were just a concerned citizen in those instances, making sure Revenue were aware of income being paid to a landlord where you have a legitimate suspicion that they are not paying tax. You should do the same if you make a payment to any person and you have such a suspicion, and genuine cause to believe tax evasion is occurring.
That said, it would be wholly inappropriate to do so without any foundation – just to make trouble for any random landlord. That is just wasting the Revenue’s time, and wasting taxpayer’s money pursuing taxpayers that already declared their income correctly. You wouldn’t report a crime that didn’t occur.
There are also some secondary reports that Revenue receive on rents that they use to check if landlords declare the correct gross income. For example, any agents collecting income on behalf of landlords have to file a return, so if you pay the rent to a property agent, they tell Revenue already.
https://www.revenue.ie/en/corporate/assist-us/reporting-shadow-economy-activity/reporting.aspx
Up & up it goes, when it will stop nobody knows!
Looks like the government’s outstanding housing policies are really working and starting to kick in, maybe next year they might achieve a 20% rent increase.
Im a council tenant, nothing wrong in that.
But my rent is a shockingly low price. So much so i offered them an extra few quid, and they refused it!
Disgraceful, absolutely disgraceful
@Peter Murray: Ahahaa hahaa and you think theres nothing wrong with you? You’re the biggest troll with serious issues ive ever had the misfortune to come across
Suits me just fine
There should be no brakes on landlord’s. They should be free to Rape and Pillage at will. Oh hang on they are.
have your say