MyHome.ie Blog
  • MyHome Living
  • News
  • RetroFit Hub
  • Buyers Advice Hub
  • Selling
  • Renting
  • Mortgages
  • Property Report
MyHome.ie Blog
  • MyHome Living
  • News
  • RetroFit Hub
  • Buyers Advice Hub
  • Selling
  • Renting
    • Mortgage Learning Center
    • Calculators
    • Best Mortgage Table
  • Property Report
    • All Properties
    • Houses For Sale
    • Apartments For Sale
    • Available To View
    • Overseas Holiday Homes
      • Properties For Auction
      • Upcoming Auctions
      • BER Assessors
      • Property Conveyancing Solicitors
      • Pre-Purchase Surveyors
    • Find Agents
    • All Properties
    • Houses To Rent
    • Apartments To Rent
    • Available To View
    • Share
      • Irish Holiday Homes
      • Overseas Holiday Homes
  • New Homes
    • For Sale
    • To Rent
    • Auction
      • Residential Land
      • Commercial Land
      • Farm Land
      • Farms
      • Sites
    • MyHome Living
    • Buyer Advice Hub
    • Property Report
    • Property Price Register
    • Price Changes
  • Mortgages
    • Rental
    • Holiday Homes
    • Commercial
    • Sharing
Advertisement
  • Home
  • Renting
  • New tenants playing significant more for rent
Renting
May 3, 2024 - 10:18

New tenants playing significant more for rent

MyHome Content Studio
By MyHome Content Studio
Share this article
Facebook Share Twitter Share Linkedin Share Email Share Whatsapp Share
New tenants playing significant more for rent

People new to the rental market are paying far more than those in existing tenancies, according to a new report.

The latest survey from the Residential Tenancies Board (RTB) shows the costs facing those with new tenancy arrangements increased by 9.1% over the course of last year.

It also found that in the final quarter of 2023 the average rent for such tenants was 16% more than that paid by those with an existing lease.

The RTB Rent Index for Q4 2023 found that nationally the standardised average rent in the last quarter of last year was higher for new tenancies than for existing tenancies (€1,595 vs €1,374), a difference of €221.

While rents in new tenancies were up 9.1% year-on-year, the increase of those in existing tenancies grew by almost half this at 5.9%.

Advertisement

The report for that the standardised average rent for new tenancies in Dublin in Q4 2023 was €2,098, or €293 (16.2%) higher than the standardised average rent for existing tenancies which stood at €1,805.

The standardised average rent for new tenancies in Cork in Q4 2023 was €1,400, or €242 (20.9%) higher than the standardised average rent for existing tenancies which stood at €1,158.

The report also found that there was a 31% fall in the number of tenancies that began toward the end of 2023, relative to the same three months a year earlier, with new lets dropping from 17,240, to 11,895.

There was a total of 56,451 new tenancies in 2023, down more than a fifth on the previous year.

The average monthly rent for a new tenancy in Dublin was €2,098. This compares with an average of €1,225 outside the Greater Dublin Area (GDA).

Advertisement

However, while prices for new tenancies increased by 6.5% over the course of 2023, they went up by 12.6% outside the GDA.

In every county new tenants pay a higher rent, relative to what sitting tenants pay.

The gap is most pronounced in Co Sligo, where there is a 36% difference - or €300 - between the cost of the average existing rent, compared to the price facing a new tenant.

Donegal, Westmeath and Limerick also recorded variations of more than a third in similar scenarios.

The difference is lowest in Co Louth, where new rents are 11% more costly.

The report also shows that Limerick recorded a 25% rent increase, year on year, for new tenancies. Rents in the city are now on average just €20 less than the comparable figure in Cork. Researchers say they are watching to see if this is a temporary adjustment or whether the narrowing of rental costs between both locations is more permanent.

The study, conducted in partnership with the Economic and Social Research Institute, gathered responses from 39,000 existing tenancies around Ireland.

The new tenancies index has data going back to 2007, while the existing tenancies index commenced in 2022.


Follow MyHome.ie on WhatsApp for all the latest property news.

Subscribe to our weekly MyHome Living eZine today

Processing your request...

You are subscribed now!

<

  • Tags
  • rent
  • Residential Tenancies Board
  • featured
MyHome Content Studio
By MyHome Content Studio
Share this article
Facebook Share Twitter Share Linkedin Share Email Share Whatsapp Share

Helpful Links

Find your home on MyHome
Read more Articles
Calculate what you can afford to borrow
Welcome to the Retrofit Hub
Advertisement
Advertisement

Related News

New Irish rent reforms explained
Renting

New Irish rent reforms explained

Jun 12, 2025
Almost one in five looking to buy or rent in Ireland
MyHome Living

Almost one in five looking to buy or rent in Ireland

Jun 12, 2025
What do you need to rent a property in Ireland?
MyHome Living

What do you need to rent a property in Ireland?

Feb 27, 2025
What do I need to rent a property in Ireland?
Renting

What do I need to rent a property in Ireland?

Jan 29, 2025
Earn up to €14,000 per year tax-free by renting a room
Renting

Earn up to €14,000 per year tax-free by renting a room

Jan 24, 2025
Frequent And Popular Searches
MyHome.ie Blog
Help
Jobs
About
Equality Guidelines
Brand Safety
Contact
Terms & Conditions
Cookie Policy
Privacy Policy
Digital Services Act
Sitemap
© Copyright MyHome.ie 2025
Advertisement