Between Q1 2023 and Q1 2024, the national standardised average rent increased by 8.1% for new leases and by 5.9% for existing tenancies, reports RTE.
The results are included in a quarterly index that tracks price changes in the Irish rental market and was released by the Residential Tenancies Board in collaboration with the ESRI.
It is regarded as the most complete and reliable source of information on rent amounts in Ireland’s private renting market, reports RTE.
Rent fluctuations are tracked quarterly by the data using RTB registration data.
Donegal has the lowest average standardised rent at €950 per month, while Dublin has the highest average at €2,128 per month for new leases, reports RTE.
The yearly rise in new tenancy rentals in Dublin was 6.3%, whereas it was little over 12% outside of the city.
Rent increases for new tenants were greatest in Leitrim and Longford, rising by slightly more than 22% in each county.
At little over €2,000, Dublin City renters paid the highest average rent for new leases, followed by Galway City renters at €1,720, reports RTE.
The largest yearly rise in rent was seen in Limerick City, where it increased by 18.3% to €1,522.
According to the index, existing renters are still paying less in rent than prospective ones.
Dublin had the highest standardised average rent for existing leases, at €1,829 per month, while Leitrim had the lowest, at €726 per month, reports RTE.
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