In the Dublin region, rental costs for private accommodations increased in the second quarter of this year. This is according to new findings from the Private Residential Tenancies Board.
This data is based on the board’s register, consisting of more than 273,000 tenancies throughout the country. The PRTB index found that monthly rent gradually increased by 1.3% per cent on a mix-adjusted basis when compared to the first three months of the year. Over this same time-frame, rent in Dublin increased by 3.5% per cent.
National rents have increased by 0.7% per cent, when compared with the second quarter of 2012. In Dublin, annual rent costs of houses have increased by 3.6% per cent, while apartments have risen by 5.6% per cent.
Outside of Dublin, rent has decreased by 0.3% per cent when compared to 2013’s first quarter, with an annual decrease of 1.3% per cent. Houses outside Dublin have seen a quarterly decrease of 0.4% per cent and an annual decrease of 3.2% per cent.
Apartments outside of Dublin, has seen a similar quarterly decline, but an annual increase of 0.9% per cent.
Throughout the country of Ireland, costs of renting an apartment have increased by an average of 2.4% per cent in the second quarter compared to the first and up 2.8% per cent on the same time in 2012.
According to the PRTB’s director Anne Marie Caulfield, the latest index is a story of two markets:
“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,” she said.
“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.”