New figures show steady rise in Dublin rents
Private sector rental costs are rising fast in Dublin, according to new data, with apartment rents in the city up over 10% in a year.
The latest Quarterly Rent Index of the Private Residential Tenancies Board (PRTB) shows that private sector rents in Dublin went up by 8.4% over the previous year (as compared with Q1 2013), with house rents rising by an average of 6.7% and apartment rents up 10.3%.
In contrast, annual growth in rents for the market outside Dublin was more subdued, recording growth of 0.8% over the year, compared to Q1 of 2013.
Monthly rent for houses outside Dublin increased by just 0.1%, while apartments outside Dublin experienced an increase of 2.1%.
Compiled by the Economic and Social Research Institute (ESRI), the Index showed that, for the country as a whole, including Dublin, rents in Q1 2014 were 3.5% higher than in Q1 of 2013; rents for houses were 1.6% higher, while apartment rents were 5.6% higher than in the same quarter of 2013.
“The private rented sector in this country continues to reflect a story of two very different markets," said PTRB Director Ms. Anne Marie Caulfield.
"Dublin continues to show a strong year on year growth in rent levels, while in the rest of the country shows only a marginal increase over the year to the end of March this year”.
However she added that rents are nowhere near the peaks seen in 2007.
Meanwhile rent supplements are to be increased for some Dublin families at risk of homelessness.
The increase, for a short period of time, is to help families avoid being evicted from their homes.
It's a joint initiative by the four local authorities in the city and has been welcomed by Lord Mayor of Dublin Christy Burke .
"There will be a possibility of that tenant or family having their rent or allowance increased, their time extended to 13 weeks," Mayor Burke said.
"And after 13 weeks, that family's rent situation will be reviewed."