Rents in Dublin now higher than boom peak rates in 2007

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This is according to newly released figures from the Private Residential Tenancies Board that reveal renters in the capital are paying more now than during the height of the so called Celtic Tiger.

The data also shows however that the rate of growth in the cost of rented accommodation slowed down in the final quarter of last year.

This increase in rents in Dublin is happening despite the two year rent freeze on landlords introduced in December.

The financial crash drove rents down by up to 25% nationally with the trough being 2012. In the last four years they have steadily risen but at different rates throughout the country. In Dublin rents are 0.4% higher than their peak in 2007 but outside Dublin are at a rate of around 14.5% below their peak.

On an annual basis, rents were almost 10% higher across the country, representing increases in rent in Dublin of €124 a month for a house and €105 for an apartment, while outside the capital average monthly rent went up by €64 for a house and €67 for an apartment.

Commenting on the latest Rent Index findings, a Spokesperson for the PRTB said it was another opportunity to remind both landlords and tenants of the provisions of the new tenancy legislation which came into law last December.

“That provides that rent may only be increased once in a 24 month period (previously 12 months). It also provides that 90 days advance notice must be given prior to any increase (previously 28 days). As previously, rents may not be more than the market rate.

“In the event of a dispute, landlords and tenants can take a case to the PRTB, which is now providing free mediation services (previously there was a €15 fee for online applications, and €25 for paper-based applications). This provision was introduced alongside the rent stability measures in December. A fee of €15 for online applications, and €25 for paper-based applications continues to apply for resolving disputes by adjudication. A fee of €85 applies for online appeals, and €100 for paper-based appeal applications”.

The PRTB website www.prtb.ie (click on “rent index”) also contains an Average Rent Dataset which enables people to check the average rent being paid for five different categories of dwelling types throughout the country, in both urban and rural areas. This means people can check what is the actual rent being paid for, say, a semi-detached house or a two-bed apartment in their neighbourhood, or in other parts of the country.