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News : Property Last Updated: Dec 13, 2013 - 5:17 AM


Irish House Rents: Average rent in Dublin in Q3 2013 was €1,041
By Finfacts Team
Dec 12, 2013 - 10:56 AM

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Irish House Rents: The average monthly standardised rent in Dublin in Q3 this year was €1,041, compared to €978 a year ago, and €1,015 in Q2 this year. For houses, it was €1,157 compared to €1,095 a year ago, and €1,124 in Q2 this year, while for apartments, it was €1,042 in Q3, compared with €983 a year ago, and €1,022 in Q2 this year. Outside Dublin, the average standardised rent in Q3 this year was €620, compared to €622 a year ago, and €612 in Q2 this year. For houses, the figure was €622 in Q3, compared with €619 a year ago, and €608 in Q2 this year, while for apartments, the figure was €624, compared with €636 a year ago and €627 in Q2 this year.

Rents for private accommodation in the Dublin region continued to increase strongly in the third quarter (July-September) of this year, but outside the capital there was more modest growth. Looking at rents on an annual basis, Dublin rents grew by 6.4%, year on year (Q3 this year versus Q3 last year), but elsewhere rents actually showed a slight decline (0.2%) over the same period.

These findings come from the latest Quarterly Rent Index of the Private Residential Tenancies Board (PRTB), a State agency, which is compiled for it by the Economic and Social Research Institute (ESRI).

The PRTB said the rent Index is the most accurate and authoritative rent report of its kind on the private accommodation sector in Ireland. All landlords are legally obliged to register tenancies with the Board and the number of new transactions in Q3 alone (July – September 2013) was well over 46,000. Another key feature is that it reflects the actual rents being paid for rented properties, according to the PRTB’s records, as distinct from the asking or advertised rent, which is the basis of other rent reports.

The PRTB website www.prtb.ie contains an Average Rent Dataset which enables people to check the average rent being paid for five different categories of dwelling types throughout the country in both urban and rural areas. This enables people to check what is the actual rent being paid for, say, a semi-detached house or a two-bed apartment in their neighbourhood, and in other parts of the country.

For example, the average rent for a three-bed semi in Co. Dublin was €1,091; a one-bed apartment in Rathmines was €828.77, and a two-bed apartment in Blanchardstown was €924.02. Elsewhere in the country, a three-bed house in Glanmire, Co. Cork, averaged €833.80; it was €638.08 in Co. Limerick, and €725.57 in Co. Galway. (More sample average rents for around the country are contained in the table at the end of this statement).

Commenting on the findings, Anne Marie Caulfield, director of the PRTB, said: “The latest PRTB / ESRI Rent Index continues to reflect a story of a two-speed market: The Dublin region, where rents continue to grow strongly, both quarter on quarter and year on year. The year on year increase in rents in Dublin was 6.4%. In the rest of the country we see a more mixed picture. There was a slight fall (0.2%) year on year, but Quarter 3 of 2013 has seen a 1.4% rise over Quarter Two in rents for the rest of the country. This may indicate that the upward trend in Dublin is now also beginning in the rental market outside the capital, especially for houses”.

The agency says the Index is of assistance for a range of Government purposes, including housing policy generally and informing the Department of Social Protection’s Rent Supplement scheme. It is also an important reference document in landlord/tenant disputes on rent. It was developed in consultation and co-operation with landlord representative groups such as the Irish Property Owners Association, irishlandlord.com, the Institute of Professional Auctioneers and Valuers, the Society of Chartered Surveyors of Ireland, and tenant representative groups such as Threshold and USI (Union of Students in Ireland).

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