Rents across Ireland grew by 7% on an annual basis in the second quarter of 2021. The RTB has flagged this increase as rents underwent the highest national growth rate since the first quarter of 2019.
The RTB have pledged to investigate and sanction landlords that break rent cap rules as the jump may indicate an “unacceptable level of non-compliance” with regulations restricting rent increases in Rent Pressure Zone areas.
Nationally, the standardised average rent now stands at €1,352, an increase of €32 compared to the previous quarter. This amounts to an increase of 3.4% on the previous quarter and a rise of 9.1% compared to the same time last year.
Rents are highest in Dublin, with the average rent standing at €1,848 a month. Galway city has the second highest rent, averaging €1,355 per month. Cork city follows closely behind, with the average rent standing at €1,344, while in Limerick city it is €1,196.
A total of 10 counties have standardised average rents above €1,000 a month – Cork, Dublin, Galway, Kildare, Kilkenny, Laois, Limerick, Louth, Meath and Wicklow.
The county with the lowest monthly rents was Donegal at €677 a month.
The RTB reported a decline in the number of tenancies registered. The index for the second quarter has 13,884 tenancies compared to 16,085 in the first quarter of the year.
Rents are rising in the commuter belt near Dublin, indicating the pandemic has resulted in people moving away from urban areas.
The RTB is currently investigating over 400 cases of non-compliance by landlords in relation to rent increases. The board has the power to investigate and apply sanctions to landlords that circumvent the legislation in relation to RPZ rent caps. It can apply fines of up to €15,000 and/or costs up to €15,000.