The record average rent in new rentals in Wexford County for the first quarter of the year so far has been above €1,000.
According to a report published by the Residential Rental Board (RTB) which revealed that Model County was one of 14 counties with average new rents above that number.
Kilkenny, Waterford, Carlow and Wicklow counties were also among the 14, but in Wicklow’s case, the report revealed Garden County had the lowest growth in record average rent at 1.3 percent.
The average new rent record in Wexford County for the first quarter of this year was €1001.79 compared to €964.44 for the fourth quarter of 2021.
In the first quarter of last year, the average figure across the province was €857.09 with an annual increase of 16.9 percent which was the sixth-highest increase in growth across the country.
Within the province, the average standard rent for new leases was: Gorey (€1,035.01); New Ross (999.40 euros); Wexford City (€1002.71) and Enniscorthy (€900.97)
The RTB report, which was covered between January and March of this year, was analyzed independently by the Economic and Social Research Institute (ESRI).
The RTB Rents Index is based on the total number of newly registered private rents with RTB each quarter and provides rental indices based on actual rents paid in the private rental sector in Ireland.
Nationally, the Q1 2022 Index showed that the record average rent in newly registered rentals was €1,460 per month, which is an increase of €46 compared to the fourth quarter of 2021.
The quarterly growth rate represents a 3.3 percent increase, and on a year-over-year basis, rents in these newly registered rentals increased by 9.2 percent which is higher than the 8.5 percent annual growth rate in the last quarter.
In the first quarter of this year, the average record rent in new rentals for homes in Ireland was €1,447 per month, an increase of 4.2 per cent from the fourth quarter of 2021.
Meanwhile, the average record rent in new rentals for apartments was 1,498 euros per month in the first quarter of 2022, an increase of 2.8 percent over the last quarter of 2021, and an increase of 9.1 percent compared to the same period last year.
The average record rent in new rentals in the Greater Dublin Area (GDA) was €1,472 in the first quarter of 2022, while it was €1,081 outside of the Greater Dublin area.
The average standard rent in new rentals for homes in the first quarter of 2022 was the highest at €2,260 per month in Dublin and the lowest at €1,113 per month outside the GDA while the average standard rent in new rentals for apartments in the quarter The first of 2022 is higher. Priced at €1,975 per month in Dublin and the lowest at €1,054 per month outside of GDA.
Commenting on the figures, Niall Byrne, Director of RTB, said: “The latest rental index, which is based on new rents registered with RTB in the first quarter of 2022, shows continued growth in rents nationwide with an annual increase of 9.2 percent. We also We are seeing a steady decline in the number of rents registered with RTB in the first quarter of 2022. It is likely that these results continue to be indirectly affected by COVID-19 public health measures along with supply restrictions and tenants’ choice to stay longer in their existing homes. rentals”.
Mr. Byrne went on to comment: “RTB would like to remind landlords that annual registration was introduced on April 4, 2022, which requires landlords to register their rents on an annual basis. We are aware that some RTB clients are having difficulty using our online registration system and in Access to RTB’s Customer Service Center and I would like to assure all of our customers that work is underway to improve the situation and that we at RTB are doing so. We are committed to working in cooperation with the rental sector during the current transitional period.”