janvier 16, 2022

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Rents nationwide are experiencing the highest growth rate since 2017

Rents in the third quarter of this year saw the highest national growth rate since the last quarter of 2017, according to new figures from the Residential Rental Board.

RTB’s latest quarterly index of rents for the three months from July to September reveals that rents rose 8.3%, the highest level of growth since the 8.4% rate recorded at the end of 2017.

The national record average rent was €1,397 during the third quarter, an increase of €44 from the previous quarter.

The average standard rent for homes increased 3.7% to €1,395 per month from the previous quarter to give an 11% year-over-year increase.

Meanwhile, the average standard rent for apartments increased by 2.9% to €1,419 per month on a quarterly basis and by 6.6% year-on-year.

The index is compiled jointly with the Institute for Economic and Social Research.

RTB noted that Dublin has seen a larger initial decline and slower recovery in rental price growth since the onset of the Covid-19 pandemic than anywhere else.

She said this is likely due to the different impact of the Covid-19 economic shock on the supply and demand sides of the market in the short term.

While rental price growth in Dublin remained lower than anywhere else in the third quarter of 2021, its 3.6% quarter-on-quarter growth is the highest since the second quarter of 2019.

Traditionally, the third quarter of the year sees RTB’s highest rental enrollment rate, coinciding with the start of the school year.

But she said the usual pattern has not been repeated this year.

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While rental agreements registered a slight increase in the second quarter of 2021, there was a significant decrease in the number of rents registered in RTB, with a decrease of 31% compared to the same period in the pre-pandemic 2019 period.


Latest RTB rent index

“These numbers demonstrate the ongoing challenges posed by reopening the Irish economy. The drop in registrations has certainly affected record average rents and could, among other factors, be the result of people staying on their contracts for longer due to market uncertainty.”

Today’s figures show that rental rates in Dublin at €1,916 per month were significantly higher than those outside Dublin at €1,114 per month.

Rent levels in Dublin City increased by 4.7% in the third quarter compared to the second quarter of 2021, while on an annualized basis they increased by 5.8%.

Galway had the second highest rent on record at €1,471. The standard rent in Cork City averaged €1,389 per month, and the average rent in Limerick City was €1,150 during the three months from July to September.

The RTB index shows that the city with the lowest average rent on record in Waterford was €1,064 per month.

Today’s numbers show that rents rose in all but four counties during the third quarter of 2021.

Rents in Sligo increased at a quarterly growth rate of 13.7%, while rents in Limerick experienced the largest quarterly decline, declining by 1.6%.

RTB said that although Leitrim had the lowest rent at €731 per month, the county had the fastest annual growth in rents at 21.5%. The lowest annual growth rate in the record average rent was in Westmeath at 4.8%.

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20 counties – excluding Dublin, Kilkenny, Limerick, Offaly, and Westmeath Wicklow – experienced annual growth above 10%.

Today’s index also reveals that 12 counties have record average rents of over €1,000 per month – Carlow, Cork, Dublin, Galway, Kildare, Kilkenny, Lewis, Limerick, Louth, Meath Waterford and Wicklow.