The average rent nationally in new tenancies at the end of 2022 was €1,482, an increase of €22 compared to the previous quarter, according to the latest rent index report by the Residential Tenancies Board (RTB).
The index analysed 19,539 new tenancy registrations in the third quarter of 2022 (July to September), a rise of 0.8 per cent on the number of new tenancies included in the same period in 2021 in the index.
It showed that new rents nationally increased by 6.7 per cent in the third quarter, compared to the same period in 2021.
Average rent for new tenancies in Dublin was €2,022 per month and outside Dublin was €1,164 per month.
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The standardised average rent in new tenancies in the Greater Dublin Area stood at €1,476 in July to September 2022 while it was €1,121 outside greater Dublin.
The rents were Independently analysed by the Economic and Social Research Institute (ESRI) for the index.
The RTB Rent Index report is based on the total number of private tenancies newly registered with RTB each quarter.
Institute of Professional Auctioneers and Valuers chief executive Pat Davitt said the 0.8 per cent increase in the number of newly registered properties was being attributed to a “low base” comparison from the third quarter of 2021.
“Private landlords who provide about 86 per cent of the supply are leaving the market in big numbers because of high taxes - about 52 per cent of rental income, and deeply onerous and ever increasing regulation,” he said.
“The Government clearly is planning some measures for the Budget but it is very late in the day, as is the data promised from the RTB that will, finally, capture the true level of all rents being charged, not just new rentals.”
Nationally, the latest report shows the standardised average rent in newly registered tenancies was €1,482 per month, which is an increase of €22 compared to the previous quarter, when it stood at €1,460.
On a yearly basis, rents in these newly registered tenancies increased by 6.7 per cent, the index showed.
The average rent of new tenancies in houses registered in Ireland between July to September stood at €1,468 per month, an increase of 1.3 per cent on the previous quarter and a rise of 6.8 per cent year-on-year.
The standardised average rent in new tenancies for apartments stood at €1,513 per month for this period.
The highest standardised average rent in new tenancies during this time was in Dublin while the lowest monthly rents were in Donegal where the standardised average stood at €809 per month.
Fourteen counties had standardised average rents in new tenancies above €1,000 per month between July and September 2022: Carlow, Cork, Dublin, Galway, Kerry, Kildare, Laois, Limerick, Louth, Meath, Waterford, Westmeath, Wexford, and Wicklow.
The lowest yearly growth in the standardised average rent for new tenancies was in Kilkenny, where rents fell by 0.3 per cent.
Carlow had the second lowest yearly growth rate, with rents falling by 0.2 per cent.
The county with the fastest growing standardised average rent in new tenancies was Kerry, which reported 16.5 per cent year-on-year growth.
