The latest rent Index Reports from the residential tenancies board (RTB) highlight a 6.7% Annual Increase in rents for new tenancies in the third quarter of 2022.
The purpose of the Index is to measure rental price developments for people taking up new tenancies in the private rental sector.
The figures do not reflect the rents paid by tenants in an existing tenancy agreement.
The Q3 2022 Rent Index presents the standardised average rent in new tenancies in Irish Cities.
The city with the lowest monthly rent was Waterford City (€1,141).
For the Q3 2022 #RTBRentIndex report, infographics, and data, click here https://t.co/h0hzGjtWSL 7/10 pic.twitter.com/0dOkN9GCsK
— Residential Tenancies Board (@RTBinfo) March 16, 2023
Data from the RTB showed that the average monthly rent for new tenancies in Waterford City was €1,141 in the three months, up 8.9% from the previous quarter.
Fourteen counties have standardised average rents in new tenancies above €1,000 per month in Q3 2022. Included in this bracket are Carlow, Waterford and Wexford.
Kilkenny saw the lowest yearly growth rate, with figures decreasing by 0.3%. Carlow also saw a drop, with figures falling by 0.2% in the county.
Niall Byrne is the RTB Director and spoke following the release of the RTB Q3 2022 rental index.
"The Q3 2022 Rent Index Report provides a detailed analysis of rental price developments for new tenancies in the private rental sector," he said.
"As we approach one year since the introduction of annual registration on 4 April 2022, and also taking into account the increased scope of our new tenancy registration system, introduced in November 2021, the data analysis and reporting capabilities of the RTB will continue to improve during 2023.
"As the state agency with responsibility for the collection and analysis of data from the rental sector, this is an important priority for the RTB and this is reflected in our new statement of strategy which is due to be published in the coming weeks".
The figures show that the standardised average rent in new tenancies for houses stood at €1,468 a month, while the average rent in new tenancies for apartments stood at €1,513 a month, a rise of 6.7% during the same period in 2021.
