According to the latest Rent Index from the Residential Tenancies Board (RTB ), in the October-December period (quarter four ) of 2018, the standardised national average rent of tenancies in Mayo was €623 - up from €577 (+€46 ) one year earlier - and down €9 on the previous quarter (quarter three 2018 ).
The RTB Rent Index, which is compiled in conjunction with the Economic and Social Research Institute (ESRI ), is the authoritative guide to the Irish rental market. It is based on actual rents paid on 17,830 tenancies registered with the RTB in the quarter.
The standardised national average rent was €1,134 per month, up from €1,061 one year earlier (€73 increase ). Conversely, on a quarter-on-quarter basis, rental price inflation dropped from 2.3 per cent in quarter three 2018, down to - 0.3 per cent in quarter four 2018. This marks the first quarter since quarter one 2017, that the standardised average rent has fallen relative to the previous quarter.
Commenting on the latest Rent Index results, Rosalind Carroll, Director of the Residential Tenancies Board, said: "The Rent Index has now provided us with important data that enables a decision to be taken on designating two new Rent Pressure Zones to be set for the Local Electoral Areas of Limerick City East and Navan.
"These are the first Rent Pressure Zones to be designated since September 2017. This is important for landlords and tenants as it means that rents in these Local Electoral Areas will be limited to rises of a maximum of four per cent annually. This should help moderate rents in these areas. We would encourage both landlords and tenants to contact us for more information on their rights and obligations and we will be rolling out a targeted information campaign in these areas over the coming weeks.
"Looking back over the 2018 year, we have seen another year with continued pressures in the market and continued rent inflation, with rents now 15 per cent higher nationally than the peak in 2007, and 25 per cent higher in the Dublin market. We have seen some moderation in the market in the last two quarters, we would hope with more supply coming on stream and the RTB getting more regulatory powers, that we will see further easing of rent inflation in 2019."