Rents stable in Dundalk but drop in Louth

RENTS have slightly reason in Dundalk but dropped across Louth as a whole new figures have revealed.

RENTS have slightly reason in Dundalk but dropped across Louth as a whole new figures have revealed.

The figures were released by the Private Residential Tenancies Board, are the thought be the most of accurate of their kind.

The average rent in Louth was €626.56 in 2012, down from 632.85 in 2011, a drop of roughly one per cent.

But in Dundalk the average rent was 621.52, a raise of just 42 cents.

The average Louth County Council rent was 619.36, compared to 627.02 the year before.

The average rent in Ardee was 588.78, a slight rise of 4 per cent.

Rents in nearby Drogheda fell to 637.19, from 646.18 the year before.

National index shows that rents rose by 2 per cent in the first three months of this year compared to the same time last year.

The survey from the Private Residential Tenancies Board is based on the board’s own register of over 277,000 tenancies.

It reveals the actual rents being paid for properties as opposed to asking rents that feature in other surveys.

The PRTB said the first quarter of the year saw rents rise by 2.3 per cent in Dublin, while they increased by 0.8 per cent outside of Dublin.

Monthly rents averaged €785 in the first quarter of the year.

However, the PRTB notes that rents fell in Dublin by 1.9% in the first three months of 2013 compared to the last three months of 2012 due to a weakening of Dublin apartment rents, which fell by 3.9%.

Of the nearly 1.65 million households in the country, 475,000 (29%) rent their homes and about 65% of that number are in the private sector.

The PRTB is also making a new database available that provides rent details for five different types of dwellings throughout the country - in both urban and rural areas.

People can log on free of charge to check rent levels for different locations and different types of dwellings.

“This index takes the speculation and surmise out of renting,” commented Ann Marie Caulfield, the Director of the PRTB.

“All our data is based on actual rents being paid for private accommodation right across the country, and this is very valuable information for all stakeholders concerned,” she added.

The rent index, which was compiled by the ESRI, will be updated and published every three months.