July 31, 2021
Business News Property

Rents rising faster in Kilkenny than anywhere else in country

Rents in Kilkenny soared higher than anywhere else in the country in the first three months of the year.

The average rent in Kilkenny city and county rose by 12.3% in the first quarter of 2021 when compared to the same period last year.

This was followed by Clare, Galway and Mayo,. who all experienced annualised growth above 10% in the first three months of 2021, the latest rental survey from the Registered Tenancies Board (RTB) has found.

National rents rose by 4.5% year-on-year, a slight decline on the 4.7% increase recorded in the first quarter of 2020.

Dublin, the standardised average rent for the first quarter of 2021 stood at €1,820 per month, a 2% increase year-on-year, while the lowest monthly rent was in Leitrim at €596 per month, a 3.8% year on year increase.

RTB Interim Director Padraig McGoldrick said: “The Covid-19 pandemic continued to impact the economy and the rental sector in the first quarter of 2021. Q1 2021 was a period in which the Irish economy experienced a strict lockdown stemming from the spread of Covid-19, which impacted unemployment and had a knock-on effect on the rental sector. 

“The Q1 2021 Rent Index shows that there were fewer tenancies registered with the RTB, a reduction that may be linked to public health restrictions.

“It also showed that inflation is rising, which is especially evident outside of Dublin and in house rental prices – both representing a 7% annual increase. This may be the start of a potential trend of people moving outside of urban centres as a result of Covid-19, which we will continue to monitor.”

 

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