Private rents near pre-recession levels in some regions

Rents are almost back to their mid-2000s high in some parts of the country, with renters under growing pressure to meet boom-time costs on recession-era incomes.

Across the country, rents have risen 7.1% in the past 12 months, but that increases to 9.2% in the most expensive region.

That comes on top of national full-year increases of 11% in 2013 and almost 10.5% in 2014, and while the indications are of a slowing this year, much of the damage to renters’ pockets has already been done.

Rents peaked at the end of 2007 and slumped by 24% nationally over the next four years — but they began climbing again in early 2012.

The most dramatic ascent has been in Dublin, where rents are now just 3.5% below what they were in 2007. Outside of Dublin, the collective figure is still 18% below the peak, but that hides the many regional variations and city-county disparities.

In cash terms, the average monthly rent nationally is up to €878 — more for apartments at €922, and slightly less for houses at €853.

In Dublin, renters pay, on average, €1,387 per month for a house and €1,260 for an apartment — more than €100 extra per month than at this time last year.

The average rent outside of Dublin is €677 per month — €37 higher per month than at the same time last year.

They are higher in Cork, however, with renters paying, on average, €794. This was up €11 when compared to the average rent at the start of this year, when the amount was €783, and was up €44 when compared to this time last year.

Private rents near pre-recession levels in some regions

The figures from the Private Rented Tenancies Board (PRTB) which track trends up to the end of June this year, add further weight to calls from housing charities for the homelessness crisis to be treated as a national emergency.

Earlier this week, it emerged the number of people in emergency accommodation had risen to almost 5,000, of whom 1,496 are children.

Housing charity Focus Ireland, which published its annual report last week, says while the long-term solution to the problem is the provision of adequate social housing, the cause of the immediate crisis lies in the private rented market.

It says the families presenting at its offices each day have been forced out of their rented homes by rising rents and the Government’s refusal to increase the rent supplement to keep pace with the market.

The PRTB rent survey is carried out quarterly by the Economic and Social Research Institute and is based on actual rents being paid as distinct from the asking or advertised rent.

Anyone can check the rents being paid for a variety of different dwellings in all parts of the country through the rent index on the website.

All landlords are legally obliged to register tenancies with the PRTB. The number of new registrations from April-June this was 21,606, putting the total number of tenancies at 322,662.


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