PRTB: Rents rise 5.2% – Q2 2014 vs Q2 2013
According to the PRTB Quarterly Report for Q2 2014, to the end of June, rents have risen 5.2% nationally. Naturally there is a large difference between Dublin and the rest of the country. and also between houses and apartments.
Annually the increases are as follows…
Nationally 5.2% : Houses 3.7% : Apartments 6.9%
Dublin 10.5% : Houses 8.5% : Apartments 12.1%
Outside Dublin 2.6% : Houses 2.4% : Apartments 3.2%
… although rents are still 19% lower than their peak in 2007.
Average rents across the country are now…
Nationally : Houses €793 : Apartments €858
Dublin : Houses €1275 : Apartments €1134
Outside Dublin : Houses €648 : Apartments €640
As calculated by the Sunday Business Post, a person on an average wage of €36000 would now pay 41% of their net income to rent an apartment. It should be noted though that the Irish government supports approximately 30% of the rental market through the rent supplement scheme.
About the PRTB
According to the Private Residential Tenancies Board (PRTB), they publish –
the most accurate and authoritative rent report of its kind on the private accommodation sector in Ireland. Compiled by the ESRI, and based on the PRTB’s own register of tenancies, this index reveals the actual rents being paid for rented properties.
The PRTB’s register contains details of over 300,425 tenancies as of Q2 of 2014. Each year we register approximately 100,000 new tenancies, with annual peaks in activity in September / October. This extensive database is the largest in the country and is populated with information on actual / agreed rent, location, six categories of dwelling types, accommodation size and number of occupants and tenancy length. The PRTB Index is backdated to the third quarter 2007. It is intended to produce the Index each quarter.
The PRTB offer a useful tool for checking average rent rates in your area sorted by property type and number of beds. Check it out here.
Original PRTB Press Release is here