Rental inflation has slowed down in Kildare in the first three months of this year, according to a report from the Residential Tenancies Board.
Today's report highlights figures from January 2018 to March of this year, which shows that the average rent in Kildare is now €1,122 per month. The cost of renting actually fell by a tiny margin, with a €2 drop from the final quarter of 2017, but it has increased by €68 since the beginning of last year overall.
The report, based on 19,879 new and renewed tenancies in Q1 2018 showed that in Dublin the average rent for new tenancies stood at €1,527, in the greater Dublin area (Meath Wicklow & Kildare) it was €1,104; outside of the Greater Dublin Area, new average rents were €791.
The rate of rent inflation has slowed down considerably however, with the prices rising by 6.3 per cent in the GDA in the first quarter of this year compared to the annual rise of 8 per cent last year.
On a quarter by quarter basis, the report shows that the national rate of rental growth in Q1 2018 versus Q4 2017 was just 0.4 percent, signalling a moderation of rent inflation. The equivalent quarterly increase was 1.1 per cent in Q4 2017, 2.6 per cent in Q3 2017 and 2.8 per cent in Q4 2017.
Reflecting the impact of Dublin and the GDA on the overall Index, just four counties in the country have new rent levels above the national average of €1,060. They are Dublin, Kildare, Wicklow and Meath. The standardised average rents in Cork and Galway are also over €1,000.
Commenting on the Rent Index for Q1 2018, Rosalind Carroll, Director of the Residential Tenancies Board said:
“With continuing robust economic and jobs growth through 2017 and in to 2018 significant pressures remain on the private rental market in the first three months of the year. However, while annual growth rates show an increase in Q1 2018, on a quarterly basis we have now seen three consecutive quarters of reduced growth rates both at a national level and in Dublin. We will need to monitor whether this quarterly trend continues during the rest of 2018.
“The figures also show the particular pressures that exist in Dublin and the GDA. The four counties covered by these regional designations are the only ones in the country with new rent averages above the national average of €1,060. Within this, the influence of Dublin is even more noteworthy as it is the only Region (of Dublin, GDA and Outside the GDA) that saw a year on year increase in rent inflation: the other two regions covering the other 25 counties saw the average rate of rental inflation fall.
“Finally, it is worth noting that the Rent Index is based on new tenancies registered each Quarter and therefore does not reflect what is happening within existing tenancies (the ‘base’ effect). Some of the new tenancies will be properties new to the rental market (i.e. not let in the previous 24 months) or may have been subject to substantial change and therefore are exempt from the 4% rent restrictions of the Rent Pressure Zones (RPZs). Further reports and data will provide additional insight in to the impact of the RPZs and their impact on the rental market.”
If you have a story or want to send photos or videos to us please contact the KildareNow editorial team. via our Facebook, via our email at [email protected] or on 045 409350 during office hours.