Average monthly rents in Limerick city increased by 12.3% over the past 12 months
ALL areas within the Metropolitan District of Limerick have been designated as Rent Pressure Zones (RPZ) with immediate effect.
The Minister for Housing, Planning and Local Government Eoghan Murphy signed the relevant order after the Residential Tenancies Board confirmed the Limerick City North and Limerick City West local electoral areas met the necessary criteria.
According to the RTB, monthly rents have increased by more than 7% for six consecutive quarters in Limerick City North and four in Limerick City West.
Seventeen other areas around the country have also been added to the list of rent pressure zones based on the Quarter 1 2019 Rent Index which shows standardised monthly rents in Limerick city have increased by 12.3% to €941 compared to €838 during the first quarter of 2018.
There was a 5.2% increase compared to the fourth quarter of 2018 when standardised rents in the city were €895.
A Rent Pressure Zone is a designated area where rents cannot be increased by more than 4% per annum. This applies to new and existing tenancies except in cases where an exemption is being applied by the property owner.
According to the Rent Index for the first quarter of 2019, standardised monthly rents in the Limerick City North LEA now stand at €1019.97 while standardised monthly rents in the Limerick City West LEA at the end of March were €980.
“The RTB Rent Index is an important tool in helping understand and inform the rental sector. It is clear that rising rents continue to put pressure on the market. There are a number of complex reasons behind this that policy makers will need to continue to monitor and consider. Our role is to inform policy makers of these issues but while we cannot control rents themselves, we have increasing powers that assist us in ensuring that the rights and responsibilities of tenants and landlords are respected,” said Rosalind Carroll, Director of the Residential Tenancies Board.
While monthly rents in the city are have risen by more than 12% year-on-year, the increase across the county as a whole was 10.2% to €929.
According to the Rent Price Index, standardised montly rents in the Newcastle West Municipal District were €568.15 at the end of March compared to €665.07 in the Cappamore-Kilmallock Municipal District.
According to the RTB, figures for the Adare-Rathkeale Municipal District have not been published for statistical reasons as less than 30 properties were observed.
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