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17 May 2022

New rents in Nenagh 16.5% higher than the Tipperary average

The RTB Rent Index for 2021 Q4 suggests new rents in Tipperary are rising at a higher rate than Dublin

New rents in Nenagh 16.5% higher than the Tipperary average

New rents in Nenagh 16.5% higher than the Tipperary average

Rents in the Nenagh Local Electoral Area (LEA) are approximately 16.5% higher than the county average.

According to the RTB Rent Index report for the end of 2021, the average rent in Tipperary was €841.06, a 9.5% increase compared to 2020.

The average rent in Nenagh is €981.14.

The report also showed the Clonmel LEA was around 9% higher than the county average at €918.24 a month.

RTB Director Niall Byrne said:

“Today’s Rent Index reports on rental price changes in new tenancies and shows continued growth in rents being set for this proportion of the overall private rented sector.

RENT GROWTH

The Rent Index uses a standardised average rent which is a mix of property types and characteristics.
So, the average rent is calculated irrespective of whether it’s a house, apartment or the number of bedrooms.

The report suggests that while new rents in Dublin are more than twice that of Tipperary at €1,972.23, rents in Tipperary are rising higher than in Dublin.

The Rent Index reported an 8.9% year on year growth for Dublin compared to Tipperary’s 9.5%.


NEW TENANCIES

The Rent Index calculates rent rises in new tenancies every quarter.

The RTB defines new tenancies as ‘new rental properties never let before, and new tenancies in properties that have not been let in the immediate two years prior to this tenancy.’

Rent increases for existing and long term tenants are not included.

Tipperary had 1.6% of all new tenancies in Ireland.

However, there were 46.3% fewer new tenancies registered between October and December 2021.

Between 2020 and 2021, there was a reduction of 55% in new tenancies in Tipperary. This was a trend the RTB reported nationally.

“This is likely driven by factors such as continuing constraints on the supply of rental properties and by current tenants choosing to stay longer in their existing tenancies,” said Mr Byrne.

NATIONALLY

Nationally, the average standardised rent was €1,415, with a national growth rate of 9% year on year.

National rents were €4 cheaper than the previous quarter which the report attributes seasonal factors.

The Rent Index is produced using the annual registration of new tenancies collected by the Residential Tenancies Board (RTB).

The information is independently analysed by the Economic and Social Research Institute (ESRI).

Landlords must register new tenancies every year.

Earlier this month, new legislation was passed to require landlords to register all tenancies annually.

This helps with the accuracy of the Rent Index.

“It will also mean that the RTB will be better able to provide new insights and information to tenants, landlords and the wider public while also helping inform the development of residential rental sector policy,” said Mr Byrne.

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