PRS Rents Rising

PRS Rents Continue Rising

The cost of renting a property in the private rented sector in Ireland rose on average across the country in the last 3 months of 2014 by 5.8%.

Given the shortage of housing for sale and increasing purchasing affordability issues, the prospects for the rental sector remain strong in the coming years.

The latest figures released from the PRTB Quarterly Rent Index show that the annual growth in the Dublin market is stronger than the national average, up by 9.6%.

This means that rents in Dublin are just 9% lower than at the peak in Quarter 4 2007.

Dublin 2 is the most expensive area in which to rent with the average monthly rental for an apartment in the area at €1500.00, next is Dublin 4.

At a national level, monthly rent levels rose at a more moderate rate.  

Speaking on RTE's Morning Ireland, Anne Marie Caulfield of the PRTB said that rents were increasing mainly because of supply reasons. 

The private rented sector is a fragmented sector, with the majority of landlords some 65% owing one property, 82% having two or less and almost 91% having three or less.  

The RED C survey of estate agents finds that many of the dealings that estate agents have with landlords or tenants are about inspections and conditions of a rental property.

The number of Local Authority inspections in 2013 totalled 21,223.  Overall 47% of the dwellings inspected were found to be in breach of regulatory requirements.