Renting a new home in Ireland is becoming increasingly challenging, with house rents for new tenancies soaring, according to the latest report from the Residential Tenancies Board.
The report highlights a significant 9.1% increase in rents for new home seekers, although this marks a slight dip from the previous quarter’s 10.7% surge. Across all counties, new rents saw a rise, with Limerick City experiencing the steepest increase at 22%, while Waterford City saw the lowest at 5%.
In Dublin, the monthly rent for new tenancies now stands at a staggering €2,098, while Greater Dublin isn’t far behind at €1,569. Even in Cork, new renters are facing a hefty bill of €1,400 per month, marking a sharp 20.9% increase from the previous year.
The situation is dire for many, with nearly a third of new tenants nationwide shelling out over €2,000 monthly in rent. Meanwhile, there’s been a concerning drop of 21% in new rental registrations compared to 2022, indicating a shrinking pool of available properties.
Critics, including Sinn Féin’s housing spokesperson, are questioning the government’s lack of intervention to curb these hikes, emphasizing the plight of ordinary people grappling with exorbitant rents.