Average cost for new rental tenancies in Carlow revealed

The average cost for new rental tenancies in Carlow is now above €1,000 per month, latest figures show. 

It is one of 16 counties in the Republic of Ireland which now breaches the €1,000 per month mark for rent. 

Nationally, the Q4 2022 Rent Index shows the standardised average rent in newly registered tenancies was €1,507 per month, which is an increase of €30 compared to Q3 2022. On a yearly basis, rents in these newly registered tenancies increased by 7.6%.

In Q4 2022, the standardised average rent in new tenancies in houses stood at €1,486 per month, which is an increase of 1.4% on Q3 2022 and a rise of 8.3% year-on-year. The standardised average rent in new tenancies for apartments stood at €1,548 per month in Q4 2022, which is an increase of 2.7% on Q3 2022, and an increase of 7.1% on Q4 2021.

In the fourth quarter of 2022, the level of standardised average rents in new tenancies in Dublin stood at €2,063 per month compared to €1,174 per month outside Dublin (non- Dublin). The standardised average rent in new tenancies in the Greater Dublin Area (GDA) (excluding Dublin) stood at €1,509 in Q4 2022 while it was €1,131 outside the GDA. Year-on-year price increases in rents for new tenancies were lowest at 6.9% for Dublin and highest at 8.1% in the GDA and, similarly, outside the GDA.

The standardised average rent in new tenancies for houses in Q4 2022 was highest at €2,223 per month in Dublin and lowest at €1,155 per month outside the GDA. The standardised average rent in new tenancies for apartments in Q4 2022 was highest at €2,052 per month in Dublin and lowest at €1,108 per month outside the GDA. The lowest annual growth across the regions for apartments was recorded in the Non-Dublin region at 6.9%.

The highest standardised average rent in new tenancies for Q4 2022 was in Dublin at €2,063 per month while the lowest monthly rents were in Leitrim where the standardised average stood at €800 per month.

Sixteen counties have standardised average rents in new tenancies above €1,000 per month in Q4 2022: Carlow, Clare, Cork, Dublin, Galway, Kerry, Kildare, Kilkenny, Laois, Limerick, Louth, Meath, Waterford, Westmeath, Wexford, and Wicklow.

The lowest yearly growth in the standardised average rent for new tenancies in Q4 2022 was in Wicklow where rents grew by 0.4%. The county with the fastest growing standardised average rent in new tenancies in Q4 2022 was Longford which reported 18.5% year-on-year growth. Thirteen counties had a yearly growth rate in new tenancy rents above 10% in Q4 2022.

Niall Byrne, RTB Director, commenting on the release of the RTB Q4 2022 Rent Index said: “The Residential Tenancies Board is the state agency with responsibility, among other functions, for the collection and analysis of data on the residential rental sector. Today, we are pleased to be publishing the Q4 2022 Rent Index Report.  The RTB Rent Index Report, based on independent analysis conducted by the ESRI, provides authoritative data on rent levels and movements in rents for new tenancies in the private rental sector. It is important to note that these results are for new tenancies only and therefore these insights relate to only a proportion of the overall private rental sector in Ireland.”

“The reporting capabilities of the RTB will continue to improve during 2023, following the introduction, in April 2022, of the requirement to renew tenancies with the RTB on an annual basis.  We are investing in our data systems and in our analytical capacity so that we can progressively expand our reporting across all tenancies.”

He continued: “The RTB’s enhanced dataset will allow us to provide new insights and improved information to tenants, landlords and the wider public. This will include the type and duration of tenancies, profile of landlords, as well as rent levels in all existing rental properties, the identification of new stock that has not been let previously and the type/size of landlords providing this accommodation. Our intention is to commence publication of enhanced information later this year.

To ensure that our data is as complete as possible, and as part of our ongoing work to ensure compliance by landlords with their registration requirements, we will soon be contacting landlords and agents who have not yet completed annual registrations due between April 2022 and April 2023 and reminding them of their obligations in this regard.”