Average rents in Louth up €74 year-on-year
Average rents for new tenancies in Louth reached €960 last month, an increase of €74 year-on-year, the latest figures from the Residential Tenancies Board have revealed.
The RTB Rent Index, which is compiled in conjunction with the Economic and Social Research Institute (ESRI), is the authoritative guide to the Irish rental market. The Index shows that rent increases for existing tenancies (5.4%) were lower than those for new tenancies (8%) year-on-year. This indicates that Rent Pressure Zones are having a braking effect on the level of the increase.
The standardised national average rent of new tenancies in County Louth was €960, up from €886one year earlier and down €26 on the previous quarter.
Commenting on the latest Rent Index results, Rosalind Carroll, Director of the Residential Tenancies Board said: “Affordability still remains an issue for the rental market with continued economic, employment and population growth contributing to rising demand across the country. We can also see rents across the country have continued to increase year-on- year. At the same time, it is a matter of deep concern that the number of landlords continues to decrease. If we are to meet demand and ensure a well-functioning rental sector, then we need more landlords and different types of landlords to offer market options. With many landlords leaving, it is increasing strain and pressure and this must be addressed.”