Average rents in Dublin have increased 6.4% year-on-year, according to a new report.
The latest Rent Price Index published by the Private Residential Tenancies Board shows that during July-September (Q3), average rents for private accommodation in Dublin increased by 6.4% when compared to the same period last year.
Elsewhere in the country, rents showed a slight decline (0.2%) over the same period, although there was a 1.4% increase in Q3 of this year compared to April-June (Q2).
The average standardised rent in Dublin in Q3 this year was €1,041, compared to €978 a year ago, and €1,015 in Q2 this year.
For houses, it was €1,157 compared to €1,095 a year ago, and €1,124 in Q2 this year, while for apartments, it was €1,042 in Q3, compared with €983 a year ago, and €1,022 in Q2 this year.
Outside Dublin, the average standardised rent in Q3 this year was €620, compared to €622 a year ago, and €612 in Q2 this year.
For houses, the figure was €622 in Q3, compared with €619 a year ago, and €608 in Q2 this year, while for apartments, the figure was €624, compared with €636 a year ago and €627 in Q2 this year.
“The latest PRTB / ESRI Rent Index continues to reflect a story of a two-speed market,” said Director of the PRTB, Anne-Marie Caulfield.
“The Dublin region, where rents continue to grow strongly, both quarter on quarter, and year on year. The year on year increase in rents in Dublin was 6.4%.
“In the rest of the country we see a more mixed picture. There was a slight fall (0.2%) year on year, but Quarter three of 2013 has seen a 1.4% rise over Quarter Two in rents for the rest of the country.
“This may indicate that the upward trend in Dublin is now also beginning in the rental market outside the capital, especially for houses.”