Revealed: rising average cost of rent for new tenants in Waterford

Waterford is one of 14 areas around the country where average rent for new tenants is above €1,000. 

The price of renting a property for new tenants rose by almost 7% from July to September of last year, latest figures show. 

The latest Rent Index reports an 6.7% annual increase in rents for new tenancies in the third quarter of 2022

The purpose of the Rent Index is to measure rental price developments faced by those taking up new tenancies in the private rental sector. The Rent Index is not designed to provide a measure of the rents being paid by existing tenants.

The national standardised average rent in new tenancies was €1,482 in Q3 2022, which is an increase of €22 compared to Q2 2022.

This Index analysed 19,539 new tenancy registrations, which is a rise of 0.8% on the number of new tenancies included in the Q3 2021 Rent Index (19,389).

New rents nationally increased by 6.7% in Q3 2022 compared to Q3 2021.

In Q3 2022, average rent for new tenancies in Dublin was €2,022 per month and outside Dublin (non-Dublin) was €1,164 per month.

The standardised average rent in new tenancies in the Greater Dublin Area (GDA) stood at €1,476 in Q3 2022 while it was €1,121 outside the GDA.

Nationally, the Q3 2022 Rent Index shows the standardised average rent in newly registered tenancies was €1,482 per month, which is an increase of €22 compared to Q2 2022, which stood at €1,460. On a yearly basis, rents in these newly registered tenancies increased by 6.7%.

In Q3 2022, the standardised average rent in new tenancies for houses in Ireland stood at €1,468 per month, which is an increase of 1.3% on Q2 2022 and a rise of 6.8% year-on-year. The standardised average rent in new tenancies for apartments stood at €1,513 per month in Q3 2022, which is an increase of 1.6% on Q2 2022, and an increase of 6.7% on Q3 2021.

In the third quarter of 2022, the level of standardised average rents in new tenancies in Dublin stood at €2,022 per month compared to €1,164 per month outside Dublin (non- Dublin).

The standardised average rent in new tenancies in the Greater Dublin Area (GDA) (excluding Dublin) stood at €1,476 in Q3 2022 while it was €1,121 outside the GDA. Year-on-year price increases in rents for new tenancies were lowest at 3% in the GDA and highest at 7% outside the GDA.

The standardised average rent in new tenancies for houses in Q3 2022 was highest at €2,248 per month in Dublin and lowest at €1,149 per month outside the GDA.

The standardised average rent in new tenancies for apartments in Q3 2022 was highest at €1,997 per month in Dublin and lowest at €1,092 per month outside the GDA The lowest annual growth across the regions for apartments was recorded in the GDA at 0.5%

The highest standardised average rent in new tenancies for Q3 2022 was in Dublin at €2,022 per month while the lowest monthly rents were in Donegal where the standardised average stood at €809 per month.

Fourteen counties have standardised average rents in new tenancies above €1,000 per month in Q3 2022: Carlow, Cork, Dublin, Galway, Kerry, Kildare, Laois, Limerick, Louth, Meath, Waterford, Westmeath, Wexford, and Wicklow.

The lowest yearly growth in the standardised average rent for new tenancies in Q3 2022 was in Kilkenny where rents fell by 0.3%. Carlow had the second lowest yearly growth rate, with rents falling by 0.2% compared to Q3 2021.

The county with the fastest growing standardised average rent in new tenancies in Q3 2022 was Kerry which reported 16.5% year-on-year growth. Twelve counties had a yearly growth rate in new tenancy rents above 10% in Q3 2022.

Niall Byrne, RTB Director, commenting on the release of the RTB Q3 2022 Rent Index said: “The Q3 2022 Rent Index Report provides a detailed analysis of rental price developments for new tenancies in the private rental sector. As we approach one year since the introduction of annual registration on 4 April 2022, and also taking into account the increased scope of our new tenancy registration system, introduced in November 2021, the data analysis and reporting capabilities of the RTB will continue to improve during 2023.

“As the state agency with responsibility for the collection and analysis of data from the rental sector, this is an important priority for the RTB and this is reflected in our new statement of strategy which is due to be published in the coming weeks”. 

He continued: “Annual registration is providing the RTB with much greater visibility on rents for both existing and new tenancies. This enhanced information on the sector will allow us to provide new insights and improved information to tenants, landlords and the wider public during 2023, while also providing additional data to inform the development of future policy for the residential rental sector.