€521 average rent for rented dwellings in Offaly

Damian Moran

Reporter:

Damian Moran

The average rent for all dwellings let in County Offaly in the first quarter of this year, and which were registered with the Private Residential Tenancies Board (PRTB), was €521.

The average rent for all dwellings let in County Offaly in the first quarter of this year, and which were registered with the Private Residential Tenancies Board (PRTB), was €521.

That was a drop of €8 when compared to the prevailing average rent in the first quarter of last year, when the amount was €529.

These findings are drawn from the PRTB’s Average Rent Dataset, which is part of a comprehensive Rent Index which is compiled for the board by the Economic and Social Research Institute (ESRI). It is important to bear in mind that the average rent cited above is based on rents registered with the PRTB for all dwelling types (houses and apartments; one, two or more rooms).

However, if people are interested in seeing the rent that applies to different dwelling types (number of bedrooms) and for different locations, they can check this out at www.prtb.ie (click “rent index”) and go to the Average Rents in my Area (Dataset).

Looking at the country as a whole, the Rent Index shows that rents in Q1 2014 were 3.5% higher than in Q1 of 2013; rents for houses were 1.6% higher, while apartment rents were 5.6% higher than in the same quarter of 2013.

In the first quarter of 2014, monthly rents for the country as a whole were close to 23% lower than their peak in late 2007.Rents for houses are 24% lower than they were in the fourth quarter of 2007. Monthly rents for apartments are nearly 21% lower than they were in the first quarter of 2008.

The PRTB/ESRI Rent Index is the most accurate and authoritative rent report of its kind on the private accommodation sector in Ireland because it reflects the actual rents being paid, according to the PRTB’s records, as distinct from theasking or advertised rent, which is the basis of other rent reports.

Commenting on the Rent Index findings, the Director of the PRTB, Ms. Anne Marie Caulfield, said: “The private rented sector in this country continues to reflect a story of two very different markets. Dublin continues to show a strong year on year growth in rent levels, while in the rest of the country shows only a marginal increase over the year to the end of March this year”.

All landlords are legally obliged to register tenancies with the Board and the number of new registrations with the PRTB in Quarter 1, 2014 was just under 33,000.

The Index is of assistance for a range of Government purposes, including housing policy generally and informing the Department of Social Protection’s Rent Supplement scheme. It is also an important reference document in landlord/tenant disputes on rent. It was developed in consultation and co-operation with landlord representative groups such as the Irish Property Owners Association, irishlandlord.com, the Institute of Professional Auctioneers and Valuers, the Society of Chartered Surveyors of Ireland, and tenant representative groups such as Threshold and USI (Union of Students in Irelan