RTB Say New Tenants Are Paying Significantly More For Rent

An RTB report has said that new renters are paying significantly higher than those with existing tenancies.

This report which was carried by the Residential Tenancies Board, have stated that costs facing those with new tenancy arrangements have increased by 9.1% across 2023. The final three months of that year also saw the average rent paid by new tenants was 16% higher than those with existing tenants.

It also found that there was 31% decrease in the amount of tenancies which  began towards the start of of 2023, compared with the same three months in 2022, with new lettings dropping from 17,240 to 11,895.

While this report does not look at compliance with Rent Pressure Zone legislation, it looks at the cost and supply of rental properties between October and December last year. It compares these details with this period from 12 months earlier.

The report which was carried out in partnership with the Economic and Social Research Institute, also revealed a drop in new tenancies in 2023, a decrease of more than a fifth from the previous year. 

It also stated that rents had increase by almost 6% for those in existing tenancies.

This report also looked at the rent paid by new tenants in every county, where it was found that every new tenant has been paying a higher rent, compared with what sitting tenants pay.

It emerged that the gap was most noticeable in Sligo, with a 36% difference between those paying existing rent, and a new tenant. The difference was lowest in Co Louth, with new rents 11% more costly.

Counties Donegal, Westmeath and Limerick recorded rent differences of over a third, while Co Limerick recorded a 25% difference.