MONTHLY RENTS ROSE by 7.1% across the country in the second quarter of this year, compared to the same time last year.
Rents for houses were 6.4% higher, while apartment rents were 7.6% higher.
Dublin renters got hit the hardest with rents up an average of 9.2%. House rents in the capital were up 8.8%, while Dublin apartment rents were 9.4% higher.
Outside of Dublin the rise was more subdued, with a growth of 5.8%.
The rent for houses outside Dublin increased by 5.8%, while apartments experienced an increase of 5.9%.
So how much cash are we talking about?
The rent for private sector accommodation in the second quarter of 2015 was €878, up from €820 during the same time in 2014.
The rent for apartments nationally was €922 (€857 a year earlier) and for a house it was €853 (€801 a year earlier).
In Dublin, the rent in the second quarter of 2015, was €1,387 for a house and €1,260 for an apartment.
A year earlier, the rent for a house was €1,275, and for an apartment it was €1,152.
This represents a monthly increase in Dublin rent of €112 for a house and €108 for an apartment over the 12 month period.
Outside Dublin, the rent in the second quarter of this year was €677, with houses averaging €695 and apartments €660. A year earlier, these figures stood at €640, €656 and €623 respectively.
This represents a monthly increase in rent outside of Dublin of €39 for a house and €37 for an apartment in the 12 month period.
Dublin rents just 3.5% lower than 2007
The data comes from the latest PRTB Quarterly Rent Index which is compiled by the Economic and Social Research Institute (ESRI) for the Board. The report is based on rent being paid, not the asking of advertised price.
The PRTB/ESRI Rent Index shows that, nationally rents peaked in the fourth quarter of 2007 before declining by 24% to their trough in the first quarter of 2012.
By Q2, 2015 rents nationally were 13.1% lower than their peak. While the peak-to-trough in the Dublin market was similar to that experienced nationally, the strength of the recovery in Dublin means that rents now are just 3.5% lower than their highest point.
In contrast, the market outside Dublin has experienced more subdued growth, and rental levels remain over 18% off their peak levels.
Article by Cliodhna Russell – Journal.ie
