TENANTS IN DUBLIN are feeling the increased value of property as rental costs continue to increase across the capital.
Rents grew by 6.4 per cent over the past year with the average standardised rent in Dublin now at €1,041 compared to €978 last year.
The figures for the third-quarter of this year come from the Private Residential Tenancies Board (PRTB) and are compiled by the Economic and Social Research Institute (ESRI). They measure the actual rent being paid for properties as opposed to asking or advertised rents.
The PRTB say they registered about 46,000 new tenancies across the country between July and September with about 281,000 properties now currently registered.
As with the sale of residential property, the increase in rental values in Dublin is out of kilter with a slower recovery in the rest of the country which showed a overall decline of 0.2 per cent over the course of the year to September.
By comparison to the standardised rent of €1,041 in Dublin, the average rent in in the rest of the country was €620, compared to €622 a year ago.
Despite the yearly decrease in rental value for properties outside Dublin, there was a quarterly increase of 1.4 per cent suggesting a stabilisation.
Detail on the different type of properties and their prices can be seen in the PRTB rent index, below are several examples:
- The average rent for a three-bed semi in Co. Dublin was €1,091.
- A one-bed apartment in Rathmines was €828.
- A two-bed apartment in Blanchardstown was €924.02.
- Two bed apartment on average in the county was €1039.
- A three-bed house in Glanmire, Co. Cork averaged €833.
- Three-bed house in Limerick averaged €638.
- Three-bed house in Galway City was €799.
- A two-bed apartment in Co. Sligo was €514.
PRTB director Anne Marie Caulfield said a two-speed market remains the reality but noted that the quarterly increase outside Dublin “may indicate that the upward trend in Dublin is now also beginning in the rental market outside the capital, especially for houses”.