Dublin rents up almost 10% over last 12 months

The cost of renting a home in Dublin has risen by just under 10 per cent over the last 12 months and the average monthly rent for an apartment in the capital has climbed by €122 over the same period.

New figures from the Private Residential Tenancies Board (PRTB) show rents across the State have continued to increase, although the rate of growth moderated in the three months between July and September.

The moderation is due to a slowing of the rate of increase in the Dublin rental market.

Pace of increase

The pace of increase in the rental market outside Dublin was stronger in the third quarter when compared with the preceding three months.

Rents in Dublin grew by 2.3 per cent between the start of July and the end of September.

The cost of renting a house in the capital increased by 3.1 per cent, while the cost of apartment rental rose by 2 per cent.

Outside Dublin, rents for houses recorded a quarterly increase of 3 per cent, while the cost of renting an apartment went up by 1.8 per cent.

Nationally the cost of renting a home has climbed by 5.6 per cent over the last 12 months. The average cost of renting is now €835 – up from €790 a year ago. Rents for houses are 4.3 per cent higher, up from €786 to €819, while apartment rents are 7.3 per cent higher and the average is now put at €864 compared with €805 a year ago.

Peak rents

While rents are continuing to climb, monthly rents nationally are still over 17 per cent off their peak, which dates back to 2007.

Dublin rents are down 9.4 per cent from their peak. Rents for houses are 19.6 per cent lower than they were in the last quarter of 2007.

Dublin accounted for 39 per cent of the rental market at the end of June with the majority of rental properties in the capital consisting of apartments.

More than 300,000 rental properties were registered with the PRTB at the end of June, the board said.