In the July-September period this year, the average rent in county Mayo for newly registered properties with the Residential Tenancies Board (RTB ) was €575. This is up €11 when compared to the average rent in Q2, 2017, which was €564, and is up €23 when compared to a year earlier, in Q3, 2016. This is according to the latest Residential Tenancies Board (RTB ) Rent Index which is produced in conjunction with the Economic and Social Research Institute (ESRI ).
The RTB Rent Index is the most accurate and authoritative rent report of its kind on the private accommodation sector in Ireland as it is based on data from all new tenancy agreements registered with the RTB nationally in quarter three this year. In total 29,528 new tenancies nationally were registered in quarter three, this represents an increase of more than 6,000 registrations since the previous quarter.
Rents are highest in Dublin, the surrounding counties, and larger urban counties such as Cork, Galway, and Limerick. As of 2017 Q3, there were five counties where the average rent for new tenancies exceeded €1,000 per month (Cork, Dublin, Galway, Kildare, and Wicklow ). The highest average rents were in Dublin at €1,518. The county with the lowest standardised average rent was Leitrim at €487 per month.
In percentage terms, nationally rents grew 9.5 per cent over the year to quarter three, an increased rate of growth compared to quarter two this year. Rents in quarter two 2017 were seven per cent above their previous peak recorded in quarter four 2007. While rents began growing again in late 2012, the acceleration in the pace of growth, beginning in early 2014, continued in the most recent quarter. This follows a moderate slowdown in the pace of growth in quarter four 2016 and quarter one 2017.
The RTB has launched an online campaign targeting tenants and landlords to drive greater awareness about Rent Pressure Zones and the requirements for setting rents on properties located in them.