Rents have continued to increase with a 9.2% average increase recorded in rents for new tenancies in the first quarter of 2022.
The data is compiled by the Residential Tenancies Board and the purpose of the Rent Index Report is to measure developments in the prices faced by those taking up new tenancies in the private rental sector.
The national standardised average rent in new tenancies was €1,460 in Q1 2022, which is an increase of €46 compared to last three months of 2021.
This Index analysed 10,414 new tenancy registrations, which is a decrease of 32% on the number of new tenancies included in the Q1 2021 Rent Index (15,291) – reflecting a lack of options for people to move and low supply of new rental options.
The results only provide a snapshot into a small proportion of the private rental sector in Ireland.
The Index provides rental indicators based on actual rents paid in the private rental sector in Ireland.
The highest standardised average rent in new tenancies for Q1 2022 was in Dublin at €2,015 per month while the lowest monthly rents were in Leitrim, where the standardised average rent in new tenancies stood at €734 per month.
The lowest rate of increase in rent was reported for Wicklow at 1.3% while the fastest growing standardised average rent in new tenancies in Q1 2022 was Leitrim which reported 22.4% year-on-year growth.
For county Tipperary the data shows that average rent for new tenancy in the first quarter is €881 up from €844 at end of 2021. This is a 4.4% increase and the trend is showing an 11.06% increase year on year.
Landlords are required by law to register their tenancies every year as of 4 April 2022.
