Renting a new home in Ireland has become pricier than ever, with tenants shelling out an average of €1,595 monthly, according to the latest report by the Residential Tenancies Board (RTB). This marks a substantial €133 hike from the previous year. In Dublin, the situation is even direr, with renters facing an average monthly bill of €2,098, making it increasingly challenging to find affordable housing in the capital.
The report reveals a stark regional contrast, with Limerick City experiencing the sharpest increase in rent for new tenants at a staggering 22.1%, while Waterford City saw the lowest rise at 5%. Cork tenants face an average monthly rent of €1,400.
Alarming figures show that nearly 30% of new renters nationwide are paying over €2,000 per month, with 13.6% coughing up more than €2,500. Meanwhile, only 19.2% of new renters can secure accommodation for less than €1,000 monthly, compared to 34% of current tenants.
These findings underscore the urgent need for measures to address Ireland’s housing crisis, as the burden of high rents continues to weigh heavily on both new and current tenants across the country.