Louth rent levels remain higher in new tenancies

The average monthly rent in new tenancies in Louth has now risen to €1,274 year on year, according to the Residential Tenancies Board (RTB) which has today published the Q4 2023 Rent Index report.

The figure does however represent a 4.1% decrease compared with the average monthly rent in new tenancies in Louth in quarter 3 of 2023.

In percentage terms, the smallest difference between new and existing tenancy rents in Q4 2023 nationally was found in Louth where new tenancy rents were 11.0 per cent (or €126 per month) more than existing tenancy rents which were €1148.

It’s also a 7.5% increase on the figure for the 4th quarter of 2022.

Broken down by area the report shows that the average monthly rent in new tenancies in Dundalk Carlingford was €1,241 and was €1,429 in the Dundalk South Area.

The figure for Drogheda Urban was €1,304, and 1,231 for Drogheda rural.

The report also detailed the standardised average rent for existing renters in Louth which was €1,148 in quarter 4 of 2023, an increase of 0.2% compared with figures from Q3, and an increase of 4.5% year on year.

Again broken down by area the report shows the average rents for existing tenancies which was €1,077 in Dundalk-Carlingford; €1,190 in Dundalk South; €981 in Ardee; €1,329 in Drogheda Rural and €1,190 in Drogheda Urban.

The national standardised average rent in new tenancies was €1,595 in Q4 2023 and €1,374 for existing tenancies.

Among the report's main findings was the fact that Louth was one of twenty-two counties to have standardised average rents in new tenancies above €1,000 per month in Q4 of 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.

Q4 2023 Rent Index Report includes information on rent levels in existing tenancies, as well as new tenancies: Using newly collected data from annual tenancy renewals with the RTB.

Insights are now available into the rents paid by sitting 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.

Speaking on the publication of the report, Deputy Director of the RTB, Lucia Crimin commented:

“The data for the fourth quarter of 2023 broadly shows a continuation of the trends observed in recent quarters.

“Although rent levels are continuing to rise in both new and existing tenancies, standardised average rent levels in existing tenancies remain significantly lower than in new tenancies and, nationally, the standardised average rent for new tenancies remained virtually unchanged from the previous quarter.”