26 Sept 2022

Parts of Waterford named rent pressure zones amid soaring costs

Parts of Waterford named rent pressure zones amid soaring costs

Parts of Waterford named rent pressure zones amid soaring costs

Two electoral areas in Waterford have been designated as Rent Pressure Zones following the latest change in criteria and amid spiralling costs in the city.

Waterford City South LEA and Waterford City East LEA have now been included in the list of Rent Pressure Zones, meaning landlords cannot increase rents by more than 4% a year in those areas.

They were named along with 17 other areas in 11 counties, including parts of Louth, Meath, Kilkenny, Westmeath and Wexford.

The changes come along with statistics from the Rental Tenancies Board which showed a sharp rise in rents in the affected areas, with Waterford city one of the areas to display fast-rising rents.

Waterford had the fastest growth rate in rent prices, seeing a massive jump of 13.7% annually with the average rent in the city now standing at €826.

Nationally, when compared with the previous quarter, rents rose by 2.1%, reversing the fall recorded between the start of October and the end of December.

It was also the highest rate of annual price inflation in the rental market since the second quarter of 2016.

Commenting on the latest Rent Index results, Rosalind Carroll, Director of the Residential Tenancies Board said:

“The RTB Rent Index is an important tool in helping understand and inform the rental sector. It is clear that rising rents continue to put pressure on the market. There are a number of complex reasons behind this that policymakers will need to continue to monitor and consider.”

Carroll added: “It is really important that landlords and tenants go to where they can check if their rental home is in a Rent Pressure Zone and what rent can be charged.”

The RTB have also been given powers to take action against landlords flouting the law with regard to rent hikes in Rent Pressure Zones.

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