Monthly house rents in Dublin only €30 less than in 2007

Figures show annual cost of leasing home in State is €901, up from €830 this time last year

Olivia Kelly reports on rising rents in Ireland and how not enough new homes are being built to meet demand. (Figures: June 2015)

 

Renting a home in Dublin now costs just €30 less each month than it did at the height of the boom in 2007, according to the latest official figures published this morning.

The Private Residential Tenancies Board (PRTB) figures show rents nationwide increasing by 8.6 per cent over the 12 months to the end of September, with an increase of 9.3 per cent recorded in the cost of houses in the capital.

In financial terms, the average cost of renting a home in the State at the end of September is now €901, up from €830 at the end of the same month last year.

In Dublin, the average rent for a house at the end of September was €1,408, while the cost of renting an apartment was €1,265. Just 12 months earlier, houses were commanding an average rent of €1,288, while for apartments the figure was €1,169.

Additional cost

The new figures represent a monthly increase in Dublin rent of €120 for a house and €96 for an apartment over the course of the 12-month period. It suggests an annual additional cost for people in rented accommodation in the capital of between €1,152 and €1,440 depending on the type of accommodation they live in.

Outside of Dublin, the average rent was €707, with houses averaging €712 and apartments €698. A year earlier, these figures stood at €652, €664 and €635 respectively. This represents a monthly increase in rent outside of Dublin of €48 for a house and €63 for an apartment in the 12-month period.

Looking at the private rental market and comparing the third quarter of 2015 with the second quarter of this year, the rate of growth was stronger outside Dublin.