Rowan Fitzgerald Auctioneers unveils new insights from a recent Residential Tenancies Board (RTB) report, indicating a significant surge in rental costs for new tenants compared to existing ones. The study, covering rental trends nationwide, reveals a notable 9.1% increase in expenses for those entering new tenancy agreements throughout 2023.

Key Findings:

  1. Rising Rental Costs: The average rent for new tenancies surged by 16% in the final quarter of 2023 compared to existing leases.
  2. Decrease in New Tenancies: There was a substantial 31% decline in new tenancy commencements towards the end of 2023 compared to the previous year, with new lets dropping from 17,240 to 11,895.
  3. Regional Disparities: While Dublin remains a hotspot with an average monthly rent of €2,098 for new tenancies, areas outside the Greater Dublin Area (GDA) also witnessed significant hikes, with prices rising by 12.6%.
  4. Limerick’s Rental Landscape: Limerick experienced a remarkable 25% year-on-year rent increase for new tenancies, bringing it closer in comparison to Cork’s figures. Researchers are closely monitoring if this trend is temporary or indicative of a more lasting change.

2nd May 2024