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New tenants forking out ‘common 1,464 euro in lease every month’


New tenants are paying a mean lease of 1,464 euro per thirty days, in accordance with new figures revealed by the Residential Tenancies Board (RTB).

he common lease for brand spanking new tenancies elevated by 8.2% in comparison with final yr, figures present.

The RTB revealed the Hire Index report on Thursday for the interval April to June 2022.

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The common lease for brand spanking new tenancies elevated by 8.2% in comparison with final yr, figures confirmed (Niall Carson/PA)

This Hire Index relies on precise rents paid beneath 12,701 personal tenancies which have been newly registered with the RTB throughout that interval.

This was a lower of 16% on the variety of registered tenancies used within the pattern within the second quarter of 2021 which had 15,048 newly registered tenancies.

The figures confirmed that Dublin, and the Larger Dublin Space (GDA), accounted for over half of all new tenancy agreements registered throughout these three months. Virtually 60% of recent tenancies registered have been for residences.

Nationally, the Hire Index confirmed that the standardised common lease in newly registered tenancies was 1,464 euro per thirty days, which is a rise of 9 euro in comparison with the primary quarter, which stood at 1,455 euro.

The quarterly development charge represented a 0.6% improve. On a yearly foundation, rents in these newly registered tenancies elevated by 8.2%.

The standardised common lease in new tenancies for homes in Eire throughout the second quarter stood at 1,457 euro per thirty days, which was a rise of 1.4% in comparison with the primary quarter and an increase of 8.4% year-on-year.

The standardised common lease in new tenancies for residences stood at 1,497 euro per thirty days, which was a rise of 8.5% on second quarter 2021.

Independently analysed by the Financial and Social Analysis Institute (ESRI), the RTB Hire Index report relies on the entire variety of personal tenancies newly registered with RTB every quarter.

The index gives rental indicators primarily based on precise rents paid for brand spanking new tenancies within the personal rental sector in Eire.

The Hire Index report relies on new tenancies in present rental properties; new properties being let for the primary time, and new tenancies in properties that haven’t been let within the earlier two years.

It confirmed that within the second quarter of 2022, the extent of standardised common rents in new tenancies in Dublin stood at 2,011 euro per thirty days in comparison with 1,130 euro per thirty days outdoors the capital.

The standardised common lease in new tenancies within the GDA stood at 1,438 euro, whereas it was 1,091 euro outdoors Dublin.

Yr-on-year worth will increase in rents for brand spanking new tenancies have been lowest at 0.4% within the GDA and highest at 8.8% in Dublin. Yr-on-year will increase in rents for brand spanking new tenancies was 8.3% for out of doors the GDA.

The standardised common lease in new tenancies for homes was highest at 2,253 euro per thirty days in Dublin and lowest at 1,125 euro per thirty days outdoors the GDA.

The standardised common lease in new tenancies for residences was highest at 1,979 euro per thirty days in Dublin and lowest at 1,059 euro per thirty days outdoors the GDA.

The bottom annual development charges throughout the areas, for each homes and residences, have been recorded within the GDA, at +3% and -2.5% respectively.

The very best standardised common lease in new tenancies was in Dublin at 2,011 euro per thirty days, whereas the bottom month-to-month rents have been in Donegal, the place the standardised common lease in new tenancies stood at 783 euro per thirty days.

Fourteen counties had standardised common rents in new tenancies above 1,000 euro per thirty days together with Carlow, Cork, Dublin, Galway, Kildare, Kilkenny, Laois, Limerick, Louth, Meath, Waterford, Westmeath, Wexford and Wicklow.

The bottom yearly development within the standardised common lease for brand spanking new tenancies was in Wicklow the place rents fell by 2%.

Kildare had the second lowest yearly development charge, with rents falling by 1.1%.

The county with the quickest rising standardised common lease in new tenancies was Leitrim which reported 20% year-on-year development.

Fourteen counties had a yearly development charge in new tenancy rents above 10%.

Niall Byrne, RTB director, stated the report confirmed that the nationwide lease stage for brand spanking new tenancies throughout the nation had continued to rise.

You will need to state that these outcomes are for brand spanking new tenancies solely and subsequently these insights relate to solely a small a part of the personal rental sector in EireNiall Byrne, RTB director

“We additionally see a continued lower within the variety of tenancies registered with the RTB within the quarter,” he added.

“These outcomes are seemingly on account of a combination of things, together with the continued restricted provide of rental lodging.

“You will need to state that these outcomes are for brand spanking new tenancies solely and subsequently these insights relate to solely a small a part of the personal rental sector in Eire.

“Over the past 12 months, there have been some vital modifications for the RTB and for the sector.

“With the introduction of annual registration on April 4 2022, and of our new tenancy registration system in November final yr, the information evaluation and reporting capabilities of the RTB will likely be bettering considerably as we transfer into 2023.”

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