Rents in new tenancies grew by 11% year-on-year and were up by 5.2% in existing tenancies, according to the latest Rent Index Report from the Residential Tenancies Board (RTB).
The report for Q3 2023 found that nationally the standardised average rent was higher for new tenancies than for existing tenancies (€1,598 vs €1,357), a difference of €240.35 or 17.7% per month.
Average rents were up €26 per month compared with the previous quarter and by €158 compared with the same time last year.
The standardised average rent for new tenancies in Dublin in Q3 2023 was €2,113, or €325 (18.2%) higher than the standardised average rent for existing tenancies which stood at €1,788.
The standardised average rent for new tenancies in Cork in Q3 2023 was €1,386, or €216 (18.5%) higher than the standardised average rent for existing tenancies which stood at €1,170.
There were 14,000 new tenancies in the third quarter of last year. The cost to rent a three bed house in Dublin was €2,362, while the same house cost €1,297 elsewhere.
Those in existing tenancies in a three-bed house paid a monthly average of €1,041 outside of Dublin, rising to €1,891 in the capital.
The figures from the RTB, independently analysed by the ESRI, are based on tenancy registrations and, since April 2022, tenancy renewals as landlords were obliged to re-register tenancies every year.
Nationally, 29.5% of new tenancy rents were more than €2,000, compared with 15.5% of rents for existing tenancies in the third quarter.
A further 13.6% of new tenancies and 5.4% of existing tenancies had a monthly rent level in excess of €2,500.
In Dublin, 50.5% of new tenancies paid more than €2,000, compared with 30.8% of existing tenancies.
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