RENTS in Limerick city have jumped 8.1% in a year, according to the latest Residential Tenancies Board (RTB) Rent Index
The significant increase was calculated between Q1 2021 and Q1 2020 rent levels. The increase of 8.1% in Limerick city compares to a rise of 4.5% nationally.
In Q1 2021, eight counties had standardised average rents above €1,000 per month: Cork, Dublin, Galway, Kildare, Limerick, Louth, Meath, and Wicklow.
The standardised average rent was €1,056 in Limerick city in Q1 2021.
The annual national standardised average rent stood at €1,320 in the quarter. This is an increase of €33 in comparison to Q4 2020.
The county with the highest standardised average rent in Q1 2021 was Dublin (€1,820 per month) and the county with the lowest monthly rents was Leitrim (€596 per month).
Padraig McGoldrick, Interim Director of the RTB, said Covid-19 pandemic continued to impact the economy and the rental sector in the first quarter of 2021.
"Q1 2021 was a period in which the Irish economy experienced a strict lockdown stemming from the spread of Covid-19, which impacted unemployment and had a knock-on effect on the rental sector.
"The Q1 2021 Rent Index shows that there were fewer tenancies registered with the RTB, a reduction that may be linked to public health restrictions. It also showed that inflation is rising, which is especially evident outside of Dublin and in house rental prices – both representing a 7% annual increase. This may be the start of a potential trend of people moving outside of urban centres as a result of Covid-19, which we will continue to monitor," said Mr McGoldrick.
He said Covid-19 has also brought about further legislative change for the rental sector in relation to rent reviews, rent arrears and deposits.
"For those most vulnerable and financially impacted by Covid-19 and in rent arrears, protections remain in place until January 12, 2022 if you qualify. There are also new measures being introduced where rents in RPZs can now only go up, if necessary, in line with general inflation as recorded in the Harmonised Index of Consumer Prices (HICP).
"The RTB will continue to support landlords and tenants to help navigate these recent changes. If you are a landlord or tenant and need information, you can contact the RTB Monday to Friday, 9 am to 5 pm on 0818 303037 or 01 702 8100 or use our webchat facility on www.rtb.ie " said Mr McGoldrick.
The RTB Rent Index, which is compiled in conjunction with the Economic and Social Research Institute (ESRI), is the authoritative report on the Irish rental market. It is based on actual rents paid on 15,532 private tenancies registered with the RTB in the quarter, compared to 16,235 in Q4 2020. The tenancies registered with the RTB in Q1 2020 are only made up of new tenancies in existing housing stock and new tenancies in new stock that has not previously been rented out.
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