WATERFORD was the county with the fastest growing rents in the third quarter of 2020, according to the latest new Rent Index published by the Residential Tenancies Board (RTB).
Rents rose in almost all counties between Q2 2020 and Q3 2020 and the county with the fastest growing rents was Waterford, at 7.9% year on year growth.
The county with the highest standardised average rent was Dublin (€1,758 per month), while the county with the lowest monthly rents was Leitrim (€600 per month).
Despite being the county with the fastest growing rents, Waterford city was the only city with standardised average rents lower than €1,000, as the average monthly rent in Q3 of 2020 was 839 in Waterford city.
Average rent in Waterford City South was €965.04 and the average in Waterford City East was €984.36, while the average in Tramore was €775.49. The data for Dungarvan, Portlaw-Kilmacthomas and Lismore was not available.
While annualised rental inflation rates in Dublin, Cork and Galway cities were all below 2 per
cent, strong annual growth occurred in Limerick City at 4.3 percent and Waterford City at 8.8 per cent per annum.
The annual national standardised average rent increased by 1.4% (or €17 per month), going from €1,239 in Q3 2019 to €1,256 in Q3 2020. This is the lowest national annual growth rate since Q4 2012.
New tenancies continued to account for approximately four-fifths of all registrations. In Q3 of last year, 82.3% of registered tenancies were new registrations, with 17.7% being renewals.
Padraig McGoldrick, Interim Director of the RTB, said the impact of Covid-19 could be seen in the latest Rent Index findings.
“We know Covid-19 has impacted on both landlords and tenants and the RTB are working to support both by ensuring that information is available on new rental legislation and supports are available for those affected,” he said.