Rents now at 7% above the peak

Rents now at 7% above the peak

The latest Residential Tenancies Board rent index shows that the average rent for new tenancies nationally rose by just under 10% in the third quarter of this year, when compared with the same period last year.

The index is produced in association with the Economic and Social Research Institute.

The index shows rents reached levels 7% higher than their previous peak of a decade ago.

The national average rent for new tenancies rose to €1,056 per month, up €91 from a year ago, while in Dublin the monthly figure rose to €1,518.

The average for the greater Dublin area, including Meath, Wicklow and Kildare, reached €1,086, while outside the greater Dublin area the average was €811.

Nearly 30,000 new tenancies were registered in the third quarter of 2017, an increase of over 6,000 registrations since the last quarter.

The Director of the Residential Tenancies Board says it is too early to say if rent pressure zones are working.

Rosalind Carroll said the latest rent increase is sharp but reflects new tenancies and exemptions in the zones.

Speaking on RTÉ’s Morning Ireland, she said the RTB is launching a social media awareness campaign today for tenants and landlords.

Ms Carroll said RTB does not have the powers to investigate landlords, suspected of breaking the rules, but it is hoped the board will be given those powers by next year.

She said the board deals with around 400 cases a year and with up to five cases of illegal evictions a week, most of which were resolved informally.

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