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
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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