Average rent in County Cork now tops €1,000 mark

RENTS NOW 7% HIGHER THAN CELTIC TIGER PEAK

IN the July-September period this year (Q3 2017), the average rent in County Cork for newly registered properties with the Residential Tenancies Board (RTB) was €1,026.

This was up €69 when compared to the average rent in Q2, 2017, which was €957, and is up €90 when compared to a year earlier, in Q3, 2016.

This is according to the latest Residential Tenancies Board (RTB) Rent Index which is produced in conjunction with the Economic and Social Research Institute (ESRI).

The RTB Rent Index is the most accurate and authoritative rent report of its kind on the private accommodation sector in Ireland as it is based on data from all new tenancy agreements registered with the RTB nationally in Q3 this year.

In total, 29,528 new tenancies nationally were registered in Q3. This represents an increase of over 6,000 registrations since the previous quarter.

Rents are highest in Dublin, the surrounding counties and larger urban counties such as Cork, Galway and Limerick. As of 2017 Q3, there were five counties where the average rent for new tenancies exceeded €1,000 per month (Cork, Dublin, Galway, Kildare and Wicklow).

The highest average rents were in Dublin at €1,518. The county with the lowest standardised average rent was Leitrim at €487 per month.

Nationally, rents grew 9.5% over the year to Q3. Rents in Q3 2017 were 7% above their previous peak recorded in Q4 2007.

While rents began growing again in late 2012, the acceleration in the pace of growth, beginning in early 2014, continued in the most recent quarter. This follows a moderate slowdown in the pace of growth in Q4 2016 and Q1 2017.

On an annualised basis, the rate of rental growth was the fastest in County Limerick at 21.6% per annum.

Rents in Dublin City grew at 10.4% year-onyear, with a similar 11.4% change for Cork City.

The RTB has launched an online campaign targeting tenants and landlords to drive greater awareness about rent pressure zones and the requirements for setting rents on properties located in them.

In addition a range of resources introduced:

• Extension of call opening hours from 8.30am to 6.30pm

• Detailed guidance published on the substantial change exemption in rent pressure zones.

• A user friendly website with a webchat facility

• A partnership with Citizens Information