New renters 'to face difficulty' with new tenancies 18% higher than existing according to latest RTB report

New figures from the Residential Tenancies Board (RTB) confirmed rents in new tenancies went up faster than in existing tenancies.

The RTB today launched its Report for Quarter 3 of last year, covering July to September 2023.

Nationally, in Q3 2023 the standardised average rent in new tenancies grew by 11.0% year-on-year and in existing tenancies grew by 5.2%.   

National average rents for new tenancies were €1,598 per month on the previous year, while existing tenancies rose to a national average of €1,357.

The highest increase was in Dublin with the standardised average rent for new tenancies in Q3 2023 was €2,113, or €325 (18.2%) higher than the standardised average rent for existing tenancies which stood at €1,788.  

Speaking on the publication of the report, deputy director of the RTB, Lucia Crimin points out that compliance with Rent Pressure Zone rules that limit rent increases in existing tenancies is not measured in the Q3 Rent Index Report.: "Although, rent levels are continuing to rise in both new and existing tenancies, standardised average rent levels in existing tenancies are lower than in new tenancies The report provides robust insights into the private rental sector by tracking rental price developments in new and existing tenancies. The RTB is responsible for ensuring there is compliance by landlords with their legal obligations including registering tenancies and setting rent amounts correctly. In addition to facilitating the production of the Existing Tenancy Rent Index, the new improved tenancy dataset is providing very important information which we are now using to identify potential non-compliance."

Kildare, after Dublin takes is the second highest county for existing rents with an average of €1,382.

Standardised average rents in existing tenancies were lowest in Co Leitrim with an average of €698.

Outside Dublin and surrounding areas existing tenancies in Q3 have an average of €1,004.

Speaking on RTÉ's Morning Ireland, Dr Rachel Slaymaker, Research Officer at the Economic and Social Research Institute said "the rise in new tenancy rents is "a very high figure historically" and highlights the struggle new renters face.