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Rents in Louth soar to their highest level on record

Rents in Louth soar to their highest level on record
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Average rents in Louth grew by 1.3% in Q3 2019 to their highest point on record, the latest figures from the Residential Tenancies Board have revealed

Rents have grown from €997 in the previous quarter to €1,010. This is €5 more expensive than the previous highest figure achieved of €1,005 in Q1 this year.

This has contributed to annual growth of 6.8% with the average rent in the county now €65 up on this time last year when it stood at €945.

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 highest rent in the county was in the Dundalk South electoral district at €1,064.26. By contrast Dundalk Carlingford had an average rent of €949.98.

Drogheda Rural rents came in at €1,031.48 while in Drogheda Urban they were slightly higher at €1,103.39. Finally in Ardee the average was €919.41.

In July the Dundalk Carlingford, Dundalk South and Ardee Electoral Areas were designated as Rent Pressure Zones, following in the footsteps of the two Drogheda regions.

A Rent Pressure Zone (RPZ) is a designated area where rents cannot be increased by more than 4% per annum. This applies to new and existing tenancies.

Rent Pressure Zones were first introduced in late 2016 in an effort to combat rising rents.