Rents for new properties increase by 4% in Louth

The average monthly rent in new tenancies in Louth has now risen to €1,298.69, according to the Residential Tenancies Board (RTB) which has today published the Q1 2023 Rent Index report for the period of January to March 2023.

The figure represents a 4.1% increase compared with the average monthly rent in new tenancies in Louth in quarter 4 of 2022 which was €1,249.02.

It’s also a 3.1% increase on the figure for the 1st quarter of 2022, which was €1,259.05.

Broken down by area the report shows that the average monthly rent in new tenancies in Dundalk Carlingford was €1,267.17 and was €1,366.94 in the Dundalk South Area.

The national standardised average rent in new tenancies was €1,544 in Q1 2023, which is an increase of €38 (2.5%) compared to Q4 2022. 

This Index analysed 14,085 new tenancy registrations in Q1 2023.

The purpose of the Rent Index is to measure rental price developments faced by those taking up new tenancies in the private rental sector.

It is important to note the Rent Index is not designed to provide a measure of the rents being paid by existing tenants.

Independently analysed by the Economic and Social Research Institute (ESRI), the RTB Rent Index report is based on the total number of private tenancies newly registered with the RTB each quarter. The Rent Index provides rental indicators based on actual rents paid for new tenancies in the private rental sector in Ireland.

The Rent Index report is based on (i) new tenancies in existing rental properties, (ii) new properties being let for the first time, and (iii) new tenancies in properties that have not been let in the previous two years. It is not designed to provide a measure of the rents being paid by existing tenants. The term “new tenancies” refers to a new rental agreement between a landlord and tenant.

In Q1 2023, the standardised average rent in new tenancies in houses nationally stood at €1,522 per month, which is an increase of 2.6% on Q4 2022 and a rise of 9.2% year-on-year.

The standardised average rent in new tenancies for apartments stood at €1,586 per month in Q1 2023, which is an increase of 2.4% on Q4 2022, and an increase of 8.8% year on year.

Sixteen counties had standardised average rents in new tenancies above €1,000 per month in Q1 2023: Carlow, Clare, Cork, Dublin, Galway, Kerry, Kildare, Kilkenny, Laois, Limerick, Louth, Meath, Waterford, Westmeath, Wexford, and Wicklow.

Niall Byrne, RTB Director, commenting on the release of the RTB Q1 2023 Rent Index said: 

“The Residential Tenancies Board is the state agency with responsibility, among other functions, for the collection and analysis of data on the residential rental sector. Today, we are pleased to be publishing the Q1 2023 Rent Index Report. 

“The RTB Rent Index Report, based on independent analysis conducted by the ESRI, provides authoritative data on rent levels and movements in rents for new tenancies in the private rental sector. It is important to note that these results are for new tenancies only and therefore these insights relate to only a proportion of the overall private rental sector in Ireland.”