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Average rent now almost €2,000 per month in Dublin

New statistics have revealed the ‘exorbitant’ cost of the average monthly rent in Dublin, which now reaches almost €2,000. The Residential Tenancy Board (RTB) index for Q4 in 2021 was released this week, showing a nine per cent increase in the average rent across Ireland, the highest surge since the fourth quarter of 2017. 

The figures also showed that, nationwide, the average rent in new tenancies stood at €1,415 by the end of last year.

To determine their figures, RTB uses the standardised average rent; this is a mix adjusted rent that also takes into consideration the changing mix of properties in a particular area. The data released by RTB is independently analysed by the Economic and Social Research Institute (ESRI).

The index found that the average price of Dublin rent now stands at €1,972 per month. Broken down by Dublin Local Authorities, it is €1,836 in Finglas County Council and €1,910 in Dublin City Council.

Average rent reaches €1,901 in South Dublin County Council and a staggering €2,173 in the Dún Laoghaire-Rathdown County Council. 

Dublin has the highest price for rent in the country, while Wicklow comes in at second most expensive, at €1,522. Kildare is third most expensive, at €1,373, followed by Meath at €1,356, Cork at €1,247, and Limerick with €1,203 per month. Rent in Galway city centre costs an average of €1,293 per month.

Thankfully, rent is more affordable across the board, as the likes of Leitrim (€739), Donegal (€762), Cavan (€778), and Monaghan (€805) show.

According to the latest Earnings and Labour Costs figures released by the Central Statistics Office (CSO), the average annual earnings for employees in Ireland is €44,202 or €3,683 per month (gross salary). The average weekly earning is €850.05. 

While those being paid an average salary will undoubtedly feel the impact of the rising cost of rent in places like Dublin, the average cost of accommodation is out of reach for those working full-time on minimum wage, who earn €1,774.5 per month, or €21,294 per year. 

The average rent price nationally in new tenancies sits at around €1,415, the index shows. Meanwhile, it is €1,366 for a three-bedroom house. In Dublin, it is considerably higher, averaging €2,133 per month for a three-bedroom. 

Commenting on the index, RTB Director Niall Byrne said it “shows continued growth in rents being set for this proportion of the overall private rented sector”.

A study conducted last year by Serbian crowd-sourced database Numbeo revealed that Ireland ranks tenth in the world for expensiveness if rent is included in the cost of living. Research from Eurostat also revealed that Ireland had the third highest level of rent increases in the EU between 2020 and the third quarter of 2021.

As reported by Gript in January, Irish rent increased 70% under two years, something ‘facilitated by government and opposition’ according to Gript’s Dr. Matt Treacy.

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