A national increase in Q1, but Dublin prices are down...
The average cost of rent in Dublin fell 1.5% in the first three months of 2017, according to new figures from the Residential Tenancies Board (RTB).
This quarterly decrease was driven chiefly by a fall in rents for Dublin apartments. Rents for houses rose marginally, while there was a moderate slowdown in the pace of expansion for apartments; year-on-year growth dropped from double digits down to 7.9%. Across houses and apartments, rents grew 7.37% year-on-year.
Capital rents remain 8% above their previous peak in Q4 of 2007, with rents in Dublin and surrounding commuter counties among the highest in the country.
Parts of Cork and Galway cities also placed above the national average.
Outside Dublin, rents for continued to grow on a quarterly basis, up 1.3% overall. Annual growth increased by 7.6%.
Rents are still 8% below their peak levels in 2007, however, the margin between the two is shrinking each quarter.
The national average rent grew just over 7% year-on-year and now stands at €987 per month.
While rents continue to trend upwards, quarter-on-quarter growth was "relatively flat", increasing by just 0.1% and down from 2.8% in the previous quarter.
That essentially made for a €1 increase on the winter period.
RTB director Rosalind Carroll has said it's not all bad news:
“This index relates to the January to March period of 2017, and therefore is the first rent index looking at the period since rent pressure zones were first introduced.
"The rent index will be an important tool to monitor the impacts of the new measure. The findings for the first quarter do suggest that the rate of increase in private rents is moderating.
"However, the rental market is still volatile and it is too early to determine if this moderation is a trend. We would like to see similar findings over consecutive quarters in order to identify trends."
The fresh data comes as Simon Coveney passes his housing portfolio to Eoghan Murphy and a public consultation is launched on the review of the Rent Predictability Measure and the system of Rent Pressure Zones.
Submissions received from the consultation process will feed into the review of the measure, which is currently underway.
The RTB is encouraging landlords and tenants alike to make a submission and to have their views heard. Further details can be found at rtb.ie.