BY AN AVERAGE OF €46 PER MONTH IN SINGLE YEAR

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.