According to a recent report from the Residential Tenancies Board (RTB), average rents for current tenancies have increased by 5.8 per cent, reaching €1,415, reports Breaking News.
Across the country, average rents are still rising for both new and existing tenancies, although the growth rate for new tenancies has tapered off.
The slower increase in rents for new tenancies is mainly attributed to Dublin, where average new tenancy rents rose by 2.5 per cent year-on-year. In contrast, the annual growth outside Dublin was higher at 8.9 per cent, reports Breaking News.
For the first time, the growth rate for rents of existing tenancies has surpassed that of new tenancies.
The rate for new tenancies has increased by 4.7 per cent, now amounting to €1,644.
The report indicates that 60 per cent of rental properties did not see any increase in rent, reports Breaking News.
In areas without rent pressure zones, 16.5 per cent of existing tenants faced rent hikes of 8 per cent or more.
In comparison, only 2.8 per cent of tenants in Dublin experienced rent increases, as did 4.8 per cent in other rent pressure zones.
The number of landlords with just one tenancy has risen to 69,273, up from 63,722 at the start of 2023, reports Breaking News.
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