The Residential Tenancies Board (RTB ) has published the Q2 2022 Rent Index report today for the period of April to June 2022.
Independently analysed by the Economic and Social Research Institute (ESRI ), the RTB Rent Index report is based on the total number of private tenancies newly registered with RTB each quarter. The Index provides rental indicators based on actual rents paid for new tenancies in the private rental sector in Ireland.
The Rent Index report is based on (i ) new tenancies in existing rental properties, (ii ) new properties being let for the first time, and (iii ) new tenancies in properties that have not been let in the previous two years. It is not designed to provide a measure of the rents being paid by existing tenants.
This Rent Index is based on actual rents paid under 12,701 private tenancies which were newly registered with the RTB in Q2 2022. This is a decrease of 16% on the number of registered tenancies used in the sample in the Q2 2021 Rent Index (15,048 ). Dublin, and the Greater Dublin Area (GDA ), accounted for over half (54.2% ) of all new tenancy agreements registered in Q2 2022. 59.5% of new tenancies registered were for apartments.
National Rental Trends
Nationally, the Q2 2022 Rent Index shows that the standardised average rent in newly registered tenancies was €1,464 per month, which is an increase of €9 compared to Q1 2022, which stood at €1,455. The quarterly growth rate represents a 0.6% increase. On a yearly basis, rents in these newly registered tenancies increased by 8.2%.
In Q2 2022, the standardised average rent in new tenancies for houses in Ireland stood at €1,457 per month, which is an increase of 1.4% on Q1 2022 and a rise of 8.4% year-on-year. The standardised average rent in new tenancies for apartments stood at €1,497 per month in Q2 2022, which is an increase of 0.3% on Q1 2022, and an increase of 8.5% on Q2 2021.
Regional Trends
In the second quarter of 2022, the level of standardised average rents in new tenancies in Dublin stood at €2,011 per month compared to €1,130 per month outside Dublin (non-Dublin ). The standardised average rent in new tenancies in the Greater Dublin Area (GDA ) stood at €1,438 in Q2 2022 while it was €1,091 outside the GDA. Year-on-year price increases in rents for new tenancies were lowest at 0.4% in the GDA and highest at 8.8% in Dublin. Year-on-year increases in rents for new tenancies was 8.3% for outside the GDA.
The standardised average rent in new tenancies for houses in Q2 2022 was highest at €2,253 per month in Dublin and lowest at €1,125 per month outside the GDA. The standardised average rent in new tenancies for apartments in Q2 2022 was highest at €1,979 per month in Dublin and lowest at €1,059 per month outside the GDA. The lowest annual growth rates across the regions, for both houses and apartments, were recorded in the GDA, at +3% and -2.5%, respectively.
