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Average rent for new tenancies rises to €1,507

When compared to the same time in 2021, new rents nationally increased by 7.6%.
When compared to the same time in 2021, new rents nationally increased by 7.6%.

The national average rent in new tenancies was €1,507 in the final three months of last year, up 2% on the previous quarter.

The RTB Rent Index analysed 15,868 new tenancy registrations between October and December 2022.

When compared to the same time in 2021, new rents nationally increased by 7.6%.

The figures show that the average rent in new tenancies in the Greater Dublin Area, excluding Dublin, stood at €1,509 in the fourth quarter of last year, while it was €1,131 outside the GDA.

The highest standardised average rent in new tenancies for the final quarter of last year was in Dublin at €2,063 per month, while the lowest monthly rents were in Leitrim where the standardised average stood at €800 per month.

Sixteen counties had average rents in new tenancies above €1,000 per month in the fourth quarter - Carlow, Clare, Cork, Dublin, Galway, Kerry, Kildare, Kilkenny, Laois, Limerick, Louth, Meath, Waterford, Westmeath, Wexford, and Wicklow.

The Residential Tenancies Board is the state agency with responsibility, among other functions, for the collection and analysis of data on the residential rental sector.

Niall Byrne, RTB Director said the reporting capabilities of the RTB will continue to improve during 2023, following the introduction, in April 2022, of the requirement to renew tenancies with the RTB on an annual basis.

"We are investing in our data systems and in our analytical capacity so that we can progressively expand our reporting across all tenancies," he said.