Waterford city has highest rent increase for existing tenants in the country

Rents for existing tenants in Waterford city rose by almost double the national average, latest figures show. 

Waterford city saw rents in existing tenancies rise by 9.3 per cent, according to the latest Rent Index Report. 

This was the highest increase in any city in the country. 

The latest figures indicate that rent caps are still being widely ignored in parts of the country covered by Rent Pressure Zones, according to Social Democrats TD Cian O’Callaghan.

Deputy O’Callaghan, who is the party’s housing spokesperson, said: “Rents in existing tenancies rose by 5.2 per cent nationally, according to the latest Rent Index Report carried out by the Economic and Social Research Institute (ESRI) on behalf of the Residential Tenancies Board (RTB).

“Rents in existing tenancies rose by 4.3 per cent in Dublin, 9.3 per cent in Waterford city, 3.5 per cent in Cork, 5.8 per cent in Galway city and 7.7 per cent in Limerick city.

“All of Ireland’s cites are designated as Rent Pressure Zones, where it is illegal to raise the rent by more than 2 per cent a year. Yet is abundantly clear that these rent caps are being widely flouted as standard practice in every city.

“How are ordinary people supposed to continue paying these skyrocketing rents?

“Renters in Ireland already face some of the most expensive rents in Europe, which are at their highest level in the history of the State.

“They cannot support these unsustainable increases. It is causing many to delay having families and many more to think about starting a new life overseas.

“It is clear that the Minister for Housing is presiding over a dysfunctional rent regulation system that is failing to protect tenants. He must take immediate action to ensure that the Residential Tenancies Board is fully resourced to stop these illegal rent increases,” he said.