Louth sees shocking 9.5% yearly spike, new average monthly rent hits €1,322

The average monthly rent in new tenancies in Louth has now risen to €1,322 year on year, according to the Residential Tenancies Board (RTB) which has today published the Q3 2023 Rent Index report.

The figure represents a 2.1% increase compared with the average monthly rent in new tenancies in Louth in quarter 2 of 2023.

It’s also a 9.5% increase on the figure for the 3rd quarter of 2022.

Broken down by area the report shows that the average monthly rent in new tenancies in Dundalk Carlingford was €1,324 and was €1,473 in the Dundalk South Area.

The figure for Drogheda Urban was  €1,359.

The report also detailed the standardised average rent for existing renters in Louth which was €1,149 in quarter 3 of 2023, an increase of 2.2% compared with figures from Q2, and an increase of 5.5% year on year.

Again broken down by area the report shows the average rents for existing tenancies which was €1,090 in Dundalk-Carlingford; €1,168 in Dundalk South; €1052 in Ardee; €1,213 in Drogheda Rural and €1,173 in Drogheda Urban. 

The national standardised average rent in new tenancies was €1,598  in Q3 2023.

This Index analysed  14,000 new tenancy registrations in Q3 2023.

Among the reports main finding was the fact that Louth was one of twenty-one counties to have standardised average rents in new tenancies above €1,000 per month in 2023 along with Carlow, Cavan, Clare, Cork, Dublin, Galway, Kerry, Kildare, Kilkenny, Laois, Limerick, Mayo, Meath, Offaly, Sligo, Tipperary, Waterford, Westmeath, Wexford, and Wicklow. 

The purpose of the Rent Index is to measure rental price developments faced by those taking up new tenancies in the private rental sector.

Q3 2023 Rent Index Report includes information on rent levels in existing tenancies, as well as new tenancies: Using newly collected data from annual tenancy renewals with the RTB.

 Insights are now available into the rents paid by sitting tenants. 

Independently analysed by the Economic and Social Research Institute (ESRI), the RTB Rent Index report is based on the total number of private tenancies newly registered with the RTB each quarter. The Rent Index provides rental indicators based on actual rents paid for new tenancies in the private rental sector in Ireland.

The Rent Index report is based on (i) new tenancies in existing rental properties, (ii) new properties being let for the first time, and (iii) new tenancies in properties that have not been let in the previous two years. It is not designed to provide a measure of the rents being paid by existing tenants. The term “new tenancies” refers to a new rental agreement between a landlord and tenant.

Speaking on the publication of the report, Deputy Director of the RTB, Lucia Crimin commented:

“The RTB is very pleased to partner once again with the ESRI to produce the Q3 2023 Rent Index report. Although, rent levels are continuing to rise in both new and existing tenancies, standardised average rent levels in existing tenancies are lower than in new tenancies.

“The report provides robust insights into the private rental sector by tracking rental price developments in new and existing tenancies.”