Average rent stands at €561

Average private rent shows marginal increase in Offaly in first quarter of 2016

Damian Moran

Reporter:

Damian Moran

Email:

damian@leinsterexpress.ie

Average private rent shows marginal increase in Offaly in first quarter of 2016

The average rent for all dwellings in the private rented sector in Co. Offaly in Quarter 1, 2016, and which were registered with the Residential Tenancies Board (RTB) was €561. 

This was up €3 when compared to the average rent in Q4, 2015, when the amount was €558, and was up €26 when compared to a year earlier, in Q1, 2015.

This data comes from the latest RTB Quarterly Rent Index which is compiled by the Economic and Social Research Institute (ESRI) for the Board. It is the most accurate and authoritative rent report of its kind on the private accommodation sector in Ireland. This is because it is based on the actual rents being paid, according to the RTB’s records, as distinct from the asking or advertised rent.

This latest RTB rent index shows that rents across the whole country continued to increase in Q1, 2016, when compared with Q 4, 2015, although the rate of growth slowed in most sectors in the first quarter. At a national level, monthly rent levels rose in Q1, 2016, up by 0.5%, when compared with Q4, 2015. This compared to a growth rate of 1.6% in Q4, 2015. Monthly rents for houses were marginally lower, by 0.3%, while rents for apartments were 1.8% higher than in Q4, 2015.

Rents in Dublin grew by 0.2% in Q1, 2016 when compared with Q4, 2015. While rents for houses in Dublin increased by 0.6%, rents for Dublin apartments rose by 0.4%. For properties outside Dublin rents in Q1, 2016, when compared with Q4, 2015 were up by 0.9%. Rents for houses outside Dublin recorded a quarterly decline of 0.5%, while apartment rents outside Dublin increased by 4.2%.

Commenting on the latest Rent Index findings, the Director of the RTB, Ms. Rosalind Carroll, said: “The trend in recent indices has been upwards, and that growth continued in Q1, 2016 with rents nationally now €73 a month higher than the same period in 2015. However, it appears that the rate of growth is slowing, with rents increasing by 0.5% between Q4, 2015 and Q1, 2016, compared to 1.6% for the previous quarter. While it is too early to make any real deductions from this, this is the second quarter in succession that we have seen growth slow.”

Ms Carroll said the RTB now has a total of 324,000 tenancies registered, representing 172,000 landlords and 705,000 occupants. “The ongoing increases in the level of rents across the country are being driven primarily by a lack of supply. The trend in new tenancy registrations also reflects this. Annual tenancy registrations peaked in 2013, with nearly 112,000 tenancies registered in that year, but that has dipped consecutively in 2014 and 2015, while our overall numbers of registered tenancies have increased. This suggests that tenants are staying longer in their properties.”

The RTB website www.rtb.ie also contains an Average Rent Dataset which enables people to check the average rent being paid for five different categories of dwelling types throughout the country, in both urban and rural areas. This means people can check what is the actual rent being paid for, say, a semi-detached house or a two-bed apartment in their neighbourhood, or in other parts of the country.

All landlords are legally obliged to register tenancies with the RTB and the number of new registrations with the RTB in Q1, 2016, was 22,753.

The PRTB 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 Ireland).