Rents still rising, but more slowly

TENANTS around the country are now paying €64 a month more in rent than they were last year. In Dublin, the average rental property will set you back €1,511, compared to €1,436 the same time last year.

However, according to figures released by the Residential Tenancy Board, the rate of rent increase has slowed down. The strongest pressure remains focused on the capital and surrounding commuter areas, with average rents exceeding €1,000 per month in just four counties: Dublin, Kildare, Meath and Wicklow.

National rents grew by 6.4% at the end of last year, compared to an 8% annual growth in the same period last year.

Meanwhile, renters in Dublin are still facing the highest rates, paying €75 more than they were last year. But the growth rate of 5.2% was the slowest for Dublin since 2013.

Average rent in the Greater Dublin Area, excluding Dublin, also rose, now standing at €1,103 compared to €1,026 the same time last year. This indicates a growth rate of 7.5% compared to 4.8% in the third quarter; this was the highest percentage increase since the fourth quarter of 2016. For the rest of the country, the average rent jumped €53, increasing from €740 to €793 within 12 months. This figure was an annual increase of 7.1%, a slight improvement from 7.9% in the third quarter. And while rents are highest in cities, growth rates are mixed. Residential

Tenancies Board director Rosalind Carroll said the figures indicated the pressure on rents in Dublin was spreading into the Greater Dublin Area.

Pat Davitt, CEO of the Institute of Professional Auctioneers and Valuers, said that the supply of properties was increasing far too slowly.