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Sunday 26 January 2020

Average rent in the capital jumps 6.6pc to €1,762

Rent is up €100 year-on-year
Rent is up €100 year-on-year

The average rent in Dublin is now more than €1,700 a month, up 6.6pc year-on-year, new figures show.

Rent has continued to soar, with an annual increase of 8.2pc nationally.

The latest quarterly Rent Index from the Residential Tenancies Board (RTB) for the July-September period (Q3) showed rent was up nearly €100 from the same period last year.

The national average rent was €1,243 per month, up 3.3pc (€94) from Q2.

Dublin's rental market remained the biggest in the country in Q3, accounting for nearly two-in-five new tenancies registered with the RTB in the third quarter of the year.

Growth

The data, which is based on actual rents paid on 21,236 tenancies registered with the RTB, shows that in Dublin, average rent is up 6.6pc year-on-year to €1,762 per month.

The percentage increase in the capital is lower than the national average, though it represents a higher increase in monetary terms, up from €1,652 (€110), because of the higher price of rent to begin with.

The report did show signs of rent increases slowing down in the capital, with the increase significantly lower than the annual growth rate of 9.6pc in Q3 2018 and the lowest increase seen in Dublin since Q4 2017.

Similar trends were seen in Cork, where the standardised average rent for Cork city was €1,192, up 1.4pc year-on-year, the lowest annual increase in Cork City since Q3 2015.

Dublin commuter areas saw a bigger-than-average increase, with average rent for the Greater Dublin area - Meath, Kildare and Wicklow - showing a 9pc increase, up €97 to €1,247 on the same period in 2018.

The biggest increase nationally was in Waterford city, where rents grew 16.4pc. This may partly be due to it having the lowest base rent level in comparison to the other major cities.

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