Rents across the country grew at their highest rate since 2017 in the third quarter of this year. RTB Rent Index Shows 8.3% Annual Increase in National Rent Price in Q3 2021. There was a 31% fall in the number of tenancies registered nationally when compared to Q3 2019.
The average monthly rent at present is €1,397. Average rents in Dublin are €1,916 per month at present, while Limerick rates stand at €1,110.39. Twelve counties now have standardised average rents above €1,000 per month.
Minister for Housing Darragh O’Brien said he has sought advice on extending rent pressure zones countrywide. Mr O’Brien believes pressures in the rental market will begin to ease from March onwards. Under recently passed laws, rent increases in pressure zones are now capped at two per cent or inflation if it is lower.
Rent pressure zones currently cover about 76 per cent of renters at the moment.
The Housing For All Plan will be delivering hundreds of new cost rental homes in 2022, which will eventually help to dampen costs in the market. Mr O’Brien said that he is targeting the delivering of 1,750 new cost rental homes in 2022 out of 4,100 affordable homes.
In total, the plan is to deliver 24,500 new homes next year and Mr O’Brien said projections show it could be more. He ruled out another construction lockdown, saying that the last lockdown cost up to 800 homes a week.