Rents in Dublin now above 2007 peak levels
Residential Tenancies Board says rents up 10 per cent in past 12 months
The latest figures from the Residential Tenancies Board (RTB) show thatrents across the country rose by just under 10 per cent in the second quarter of this year compared with a year earlier.
The RTB, which runs a national tenancy registration system, said rents in Dublin were now above 3.9 per cent above their previous peak level reached in the last quarter of 2007. While rents rose in other parts of the country, they remain 11.2 per cent off peak levels.
Today's data come from the RTB’s Quarterly Rent Index compiled by the Economic and Social Research Institute (ESRI), which is based on 22,103 new tenancies registered during the three-month period.
On an annual basis, nationally, rents were 9.9 per cent higher than in the same period last year – up from €869 to €956.Rents for houses were 9.3 per cent higher, while apartment rents rose by 11.7 per cent.
Annual growth in the Dublin market was 9 per cent – with rents rising from €1,251 to €1,364 a month. Annual growth in rents for the market outside Dublin recorded increases of 10.6 per cent, from €669 to €740.
The RTB said that, on a quarterly basis, monthly rent levels rose by 3.6 per cent from the first quarter across the country. This compared with a growth rate of just 0.2 per cent in Q1. Rents in Dublin grew by 4.5 per cent during the quarter, compared with no growth in Q1 this year. Outside Dublin, the quarterly increase was 2.9 per cent.
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