RENTS IN COUNTY WEXFORD RISE
AVERAGE rent for new tenancies in Co Wexford during the third quarter of 2018 was €727 equating to an increase of €46 compared to the same period the previous year according to the Residential Tenancies Board latest rent index.
According to the index the standardised national average rent between July and September this year was €1,122 - which was an increase of €78 over the same period last year.
However, the standardised average figure for outside of the greater Dublin area was €859.
While the rent for Wexford compares favourably to both of those figures in terms of it being less than t national average it still rose by €26 within the coun compared to what it was in the second quarter of 201
The RTB rent index is compiled in conjunction wi the Economic and Social Research Institute (ESR and is widely regarded as the authoritative guide the Irish rental market.
The rent increase nationally for existing tenanci (5.4 per cent) was lower than the 8 per cent increa on new tenancies and according to the RTB this indicative of rent pressure zones having a ‘braki effect’ on increase levels.
County Wexford also recorded a 2.5 per cent share of overall new tenancies for the third quarter of 2018.
The report stated that rents are now at a record high across the country and there is unprecedented demand within the sector, however, the number of landlords is falling with a decline of 8,829 tenancies and 1,778 fewer landlords than there were three years ago.
The Director of the RTB, Rosalind Carroll, said affordability still remains an issue for the rental market with increasing demand arising from economic, employment and population growth.
‘The rate of rent inflation slowed this quarter somewhat, which we will continue to monitor in the months ahead,’ said Ms Carroll.
‘The importance of strong protections for tenants is underlined by the fact that the pace of rent increase under existing tenancies is well behind that of new tenancies which shows us that Rent Pressure Zones are working much better within existing tenancies,’ she added.
However, Ms Carroll added that a decrease in the number of landlords is an issue of concern and commented: ‘If we are to meet demand and ensure a well-functioning rental sector then we need more landlords, and different types of landlords, to offer market options.’
She said that landlords leaving [the sector] is increasing strain and pressure on the market.
Ms Carroll also highlighted that new legislation due to come into effect in 2019 will equip the RTB with sufficient powers to investigate and apply sanctions where there are contraventions of rent restrictions in rent pressure zones.
She also emphasised a need to be able to implement such powers effectively.
LEFT: da map sho house pric last three the incre RIGHT: showing price for the last th the perce the prev the perce the price boo