Rents around the country are 8.3% higher than they were this time last year, according to the latest RTB figures.
The average rent around the country is now €1,397 per month – up €44 on last year.
The latest Quarterly Rent Index shows that the number of new tenancies coming to the market is continuing to plummet.
The number of new tenancies advertised between July and September is down by almost one-third on the same period pre-pandemic.
Today, the RTB has released its Q3 2021 Rent Index. Our Q3 2021 Rent Index provides a benchmark for Ireland’s rental market from July-September and shows that the national standardised average rents stood at €1,397. To read the report click here https://t.co/eTN7ZuWzL4 pic.twitter.com/FFywqmjQfC
— Residential Tenancies Board (@RTBinfo) December 17, 2021
Dublin still has the highest average rent in the country at €1,916, with Leitrim boasting the most reasonable prices at €731 per month.
Despite that, Dublin has seen a greater initial drop and slower rebound in rental price growth since the onset of the pandemic than other counties.
Residential Tenancies Board (RTB) Interim director Padraig McGoldrick said Q3 saw a “sharp rebound” in rental prices after the reductio and slowdown during the early days of the pandemic.
“The significant rise in rent prices across Ireland is indicative of the wider growth being experienced in our economy, as a result of lifted public health restrictions,” he said.
“Rates of unemployment have dropped significantly and Irish retail sales continue to grow. Not only is the growth in the rental sector reflective of that in other aspects of our economy, but it is also in line with what is happening in economies around the world.
“There are other reasons for the increased figure. A lower number of tenancy registrations has impacted average rents, seemingly reflected by a tendency for people to stay in their rental properties longer.”
He said the faster rise in rents outside of urban areas may be linked to the pandemic's impact on long-term working and lifestyle choices.
The report shows that 12 countries now have average rents higher than €1,000 per month.