Ireland is full? New tenants are paying significantly more for rent, says RTB – – Our News, Your Views

Ireland is full? New tenants are paying significantly more for rent, says RTB

According to a recent research, new tenants are paying a lot more each month than those with existing tenancies, reports RTE.

According to a survey conducted by the Residential Tenancies Board (RTB), the expenses incurred by individuals entering into new lease agreements rose by 9.1% in 2023.

During the fourth quarter of the previous year, the average rent paid by these renters was 16% more than that of tenants who had an existing lease.

Details about both new and current tenancies across the nation are gathered for the study, reports RTE.

It examines the availability and price of rental units from October to December of 2023 and contrasts these informational elements with those from the corresponding time in the previous year.

Compliance with Rent Pressure Zone laws is not examined in this study.

Compared to the same three months in the previous year, there was a 31% decrease in the number of tenancies that started at the end of 2023, with new lets falling from 17,240 to 11,895, reports RTE.

In 2023, there were 56,451 new tenancies overall, which is a decrease of more than 5% from the year before.

The research examines various rent levels and provides information on how rent increases are affecting tenants who are currently leased. The previous year saw an approximately 6% rise in such rentals.

In Dublin, the average monthly rent for a new tenant was €2,098. In contrast, the average amount outside of the Greater Dublin Area (GDA) is €1,225, reports RTE.

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