Dramatic drop in new tenancy registrations sees Tipperary ranked second bottom of index
Tipperary had the second-largest fall in registered tenancies in quarter four of 2023.
That is according to the Residential Tenancies Board (RTB) Rent Index. Tipperary saw a decline of 50.3% of tenancy registrations at the end of last year compared to the same period in 2022.
The report said all counties experienced a decline, with the highest Roscommon at 50.7%. The RTB Rent Index is compiled by the RTB and the Economic and Social Research Institute (ESRI).
It examines the rental market in Ireland every quarter, providing information on standardised rents, changes in prices for new and existing tenants on a quarterly and annual basis and the ebb and flow of registrations.
STANDARDISED RENT
The Q4 2023 report found the standardised average rent for existing tenancies in Tipperary was €819, the fourth lowest in the country.
That came to a 3.3% increase compared to the previous quarter and a 7.6% increase year on year. For new tenancies, the average rent was €995 per month.
That represents a reduction of 2.4% quarter on quarter but a 10% increase year-on-year. Only three Local Electoral Areas had enough registrations to report a comparison.
Clonmel had the highest standardised rent price for both new and existing tenancies at €1,092 and €878 respectively. That was followed by Cashel-Tipperary at €970 (new) and €772 (existing). Both, Clonmel and Cashel Tipperary rose more than seven percent four quarters in a row.
The lowest was Thurles, but not by much. New tenancies had an average rent of €948 and existing €807. This was the third quarter Thurles rents rose over seven percent.
NO COMPARISON
The remaining five LEAs had no new tenancy information because there were fewer than 30 registrations. However, all five had existing tenancy rents. The standardised average rent in Nenagh for existing tenants sits at €852.
Roscrea-Templemore had an average rent of €737. Carrick on Suir came in at €772 and Cahir at €768. Newport had the highest at €926 per month.
Tipperary accounted for 1.9% of the country’s new tenancies and 2.4% of existing ones.