Residential Tenancies Board (RTB) publish latest Rent Index Report Q1 2018
- National rent inflation slows to 0.4% in Q1 2018 from 1.1% in Q4 2017 according to latest RTB Rent Index
- The national standardised average rent for new tenancies in Q1 2018 was €1,060 – up €70 Year on Year
- The report, based on 19,879 new and renewed tenancies in Q1 2018 showed that in Dublin the average rent for new tenancies stood at €1,527, in the greater Dublin area (Meath Wicklow & Kildare) it was €1,104; outside of the Greater Dublin Area, new average rents were €791.
According to the Residential Tenancies Board, in the January – March period of 2018 (Q1), the standardised national average rent for new tenancies was €1,060, up from €990 (+€70) one year earlier or up €74 compared with Q1 2008. The figures were contained in the RTB’s Quarter 1 2018 Rent Index Report which was published today in conjunction with the Economic and Social Research Institute (ESRI).
The annualised new rent increase nationally is +7.1% with Dublin the highest single region (+7.8%) while outside Dublin the annualised rate is down from Q4 2017: 8% to 6.3% in the GDA (Kildare, Wicklow, Meath) and 7% to 6.6% in outside the GDA. In the larger cities Cork City’s year on year change was 3.4% compared to Dublin City, 8.8% and Limerick, 10%.
On a quarter by quarter basis, the report shows that the national rate of rental growth in Q1 2018 versus Q4 2017 was just 0.4%, signalling a moderation of rent inflation. The equivalent quarterly increase was 1.1% in Q4 2017, 2.6% in Q3 2017 and 2.8% in Q4 2017. In Dublin, the quarterly growth rate was 1.0% compared to 1.1% in Q4 2017.
Reflecting the impact of Dublin and the GDA on the overall Index, just four counties in the country have new rent levels above the national average of €1,060. They are Dublin, Kildare, Wicklow and Meath. The standardised average rents in Cork and Galway are also over €1,000.
The Greater Dublin Area (excluding Dublin) shows new rents decreased 0.72% compared with the previous quarter, down €8 from €1,112.
Outside Dublin and the GDA (Greater Dublin Area) the standardised average new rent was €791, up just €1 on the previous quarter (€790).
In Cork, new rents are up 3.4% year on year but down on the previous quarter by 0.8% to €1,075.