New tenancies have also dropped significantly.
A new report from the Residential Tenancies Board (RTB) shows an 8.9% rent increase for new tenancies in Ireland in the first quarter of 2023, with 16 counties now having an average of €1,000.
The report, which focuses on rent prices from those taking up new tenancies and not those already renting, showed the average rent now standing at €1,544 for Q1 2023, up 2.5% for the first three months of the year
The 16 counties with standardised average rents in new tenancies above €1,000 are: Carlow, Clare, Cork, Dublin, Galway, Kerry, Kildare, Kilkenny, Laois, Limerick, Louth, Meath, Waterford, Westmeath, Wexford, and Wicklow.
In Q1 2023, the new tenancies average in Dublin was €2,102 per month, with the Greater Dublin Area (excluding Dublin) standing at €1,530.
Cork City stood at €1,490 per month in, €381 per month higher than for Cork County.
The lowest monthly rents were in Leitrim where the standardised average stood at €809 per month.
New tenancies to rent drop in first quarter of 2023
The report also shows a big drop off in the number of newly registered tenancies – down 8.2% from the previous quarter, piling further pressure on prospective renters to find available accommodation.
The level of new tenancies fell to 14,085 from 15,336 in the same quarter of the previous year.
“It is important to note that these results are for new tenancies only and therefore these insights relate to only a proportion of the overall private rental sector in Ireland,” Niall Byrne, RTB Director pointed out.
Dublin and the Greater Dublin Area accounted for just over half of all new tenancy agreements registered in the first three months.
Nationally, around 58% of all new tenancies related to apartments.
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