Tuesday, 17 September 2013

Rents in the Dublin region increased in the second quarter of 2013

This is the message that has come from Irishlandlord.com earlier today. They say that "These findings come from the latest Quarterly Rent Index of the Private Residential Tenancies Board (PRTB), which is compiled for that body by the Economic and Social Research Institute (ESRI), and enables rents to be compared with those in the first quarter of the year, and on an annual basis.

The overall national picture shows that monthly rent levels increased in the second quarter of 2013, by 1.3 per cent on a mix-adjusted basis , compared with the first quarter of the year. This is due to the scale of the Dublin market and the level of increases in rents there. The annual rate of increase is more moderate, but shows national rents increasing by 0.7 per cent compared to the second quarter of 2012.


This Rent Index is the most accurate and authoritative rent report of its kind on the private accommodation sector in Ireland, as it based on the PRTB’s own register of over 273,000 tenancies throughout the State. Another critical factor is that it reflects the actual rents being paid for rented properties, as distinct from the asking rent which is the basis of other rent reports.

The PRTB Rent Index also provides rent details for five different categories of dwelling types throughout the country, in both urban and rural areas. This enables people to check what is the actual rent being paid for, say, a semi-detached house or a two-bed apartment in their neighbourhood, and in other parts of the country. 

Average rents for the various categories of properties in different parts of the country can be accessed at www.prtb.ie/

Rents in Dublin grew by 3.5 per cent when compared with the first quarter of 2013 and by 4.7 per cent on an annual basis. While Dublin house rents increased by 2.0 per cent, rents for Dublin apartments rose by 4.5 per cent compared to quarter 1, 2013. On an annual basis, Dublin house rents rose by 3.6 per cent, while Dublin apartment rents increased by 5.6 per cent. 


However, outside Dublin, overall rents in the second quarter, when compared with the first quarter of the year, were down by 0.3 per cent. On an annual basis the decline was 1.3 per cent. Rents for houses outside Dublin recorded a similar quarterly change, declining by 0.4 per cent, but fell by 3.2 per cent on an annual basis. The index for apartment rents outside Dublin recorded a similar quarterly decline in the second quarter. However, on an annual basis, rents for apartments outside Dublin were 0.9 per cent higher than a year previously. 


Rents for apartments nationally went up by an average of 2.4 per cent compared to Q1 (€842 from €822), and by 2.8 per cent when compared with Q2 of last year (€842 from €819). In contrast, the increase in monthly rents for houses nationally was virtually unchanged from the first quarter of the year (€743 from €742), and this represented a decline of 1.5 per cent when compared with the second quarter of 2012 (€743 down from €755).


Commenting on the findings, the Director of the PRTB, Ms. Anne Marie Caulfield, said: “The latest PRTB / ESRI Rent Index is  really a story of two markets – the Dublin region, where rents are growing strongly, and the rest of the country where there was actually a slight decline in Quarter 2 as compared with the first quarter of 2013.

“The rate of increase accelerated in Dublin between quarter 1 and quarter 2 of 2013. The rents achieved in this period grew by 3.5 per cent in Dublin, with rents for apartments rising by 4.5 per cent and houses by 2.0 per cent. This probably reflects the end of the bedsits market, with some landlords of that type of accommodation exiting the rental market. 


“Outside Dublin the rental picture is quite different. There has been a year on year decline of 1.3 per cent and that continued for Q2, albeit at a more moderate pace of just 0.3 per cent. So rents outside of Dublin are broadly holding steady, while Dublin rents are increasing”, she added. "  Source  Irishlandlord.com


Private Residential Tenancy Board (PRTB) publishes the most accurate and authoritative rent report of its kind on the private accommodation sector in Ireland. Compiled by the ESRI, and based on the PRTB’s own register of over 273,000 tenancies throughout the State, this index reveals the actual rents being paid for rented properties

The Residential Tenancies Act of 2004 set out the function of the PRTB which includes...”the registration of particulars in respect of tenancies” and ...”the collection and provision of information relating to the private rented sector, including information concerning prevailing rent levels”....


The PRTB’s register contains details of over 273,000 tenancies as of Q2 of 2013. Each year we register nearly 100,000 new tenancies, with annual peaks in activity in September / October. This extensive database is the largest in the country and is populated with information on actual / agreed rent, location, seven categories of dwelling types, accommodation size and number of occupants and tenancy length. 

The PRTB Index is backdated to the third quarter 2007. It is intended to produce the Index each quarter. Under the Act Landlords can register a tenancy up to 1 month after the tenancy commencement date. To reflect this and to provide the most accurate report possible the data underpinning the Rent Index is extracted five weeks after the end of each quarter. (Source PRTB)

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