Average rent in Laois is now €1,644 per month

New figures for Q3 of 2024 from the Residential Tenancies Board (RTB) show that Laois has one of the slowest growths in rent costs nationally.

The standardised average rent for new tenancies is now €1,644 per month, and €1,415 for existing tenancies. This is a 5.8% rise annually.

The counties with the highest rates of growth are Donegal (12.9%), Leitrim (12.2%) and Longford (12.2%).

Laois (3.9%), Louth (3.8%) and Wicklow (2.1%) have had the slowest growth in the country.

Nationally, the growth of average rental costs for new tenancies has slowed to a 4.7% (€1,644) increase.

In Laois, there are currently 1,489 Approved Housing Body (AHB) tenancies, where affordable accommodation is provided by non-profit organisations.

Pictured: Minister for Housing, Local Government and Heritage, Darragh O’Brien pictured at Respond's Harpur's Crescent in Portlaoise in October.

One such example is the affordable housing development by Cluid housing near Portlaoise train station.

This figure is much higher than neighbouring counties, with only 842 AHB tenancies in Carlow, 667 in Offaly, 1141 in Tipperary and 1,144 in Kilkenny.

By local electoral are in Laois, there are 208 AHB properties in Borris-in-Ossory / Mountmellick, 787 AHB tenancies in Portlaoise, and 494 in the Portarlington / Graiguecullen district.

There has been a rise in private tenancy numbers rise by 8.4%, and the amount of landlords in Ireland has risen by 5.7% annually.

This is down from a growth rate of 8.3% in Q1 2024. This is primarily driven by Dublin, where annual growth in average new tenancy rents was 2.5% compared with 8.9% outside Dublin.

Over 60% of properties in an Individual Property Level Analysis study from the RTB saw no increase in rent.

At the end of Q3 2024, landlords with one tenancy accounted for 66.4% of all private landlords and 25.8% of all tenancies nationally.

The number of landlords with one tenancy increased from 65,210 at the end of Q3 2023 to 69,273 at the end of Q3 2024, an increase of 4,063 or 6.2% year-on-year.

There are currently 115 landlords in Ireland who own a portfolio of 100+ properties each.

“Today is an important day as we mark the RTB’s contribution to Irish society over the last 20 years," said Rosemary Steen, Director of the Residential Tenancies Board on the release of these new figures.

"The vision to create the RTB as a regulator with powers to resolve disputes outside of the courts was a groundbreaking decision at the time.

"The new data we have shared demonstrates the significant change in Ireland’s rental sector since 2004, and how  our work has grown with it," Ms Steen said.

"This data is already informing ongoing public information campaigns and action to drive landlord compliance with RPZ rules and the requirement to register tenancies," she finished.

The RTB Profile of the Register data series to Q3 2024 has found:

• The Growth in average new tenancy rents has slowed. The standardised average rent for new tenancies rose by 4.7% annually to €1,644 in Q2 2024. This is down from a growth rate of 8.3% in Q1 2024. This is primarily driven by Dublin, where annual growth in average new tenancy rents was 2.5% compared with 8.9% outside Dublin.
• Existing tenancy average rents rose faster than new tenancies for the first time, but sitting tenants still pay less. The standardised average rent for existing tenancies rose by 5.8% annually to €1,415. This is €229 lower than for new tenancies.

• Registered private and Approved Housing Body tenancies continue to grow. Registered private tenancies rose by 8.4% annually to 236,198, while Approved Housing Body tenancies have also grown by 15.6% annually to 49,195 in Q3 2024.
• The number of private landlords has increased by 5.7% annually to 104,327. Numbers have now increased in every quarter from Q2 2023 across most sizes of property portfolio from 1 to 100+ tenancies.

• Rents at individual property level grew more slowly than average rents in the market-wide Rent Index. The average growth rate in rent across all properties tracked was 2.6%, with 60% of tenants seeing no annual increase in rent.
• Rent increases were lower in RPZs. Rents for individual properties with ongoing tenants in Dublin grew on average by 1.3% annually to Q1 2024, by 1.4% in other RPZs but by 3.5% in non-RPZ areas. Rents for properties where tenants changed in Dublin grew on average by 2.8% annually to Q1 2024, by 5.2% in other RPZs but by 14.0% in non-RPZ areas. 
• Large rent increases more likely outside RPZs. 16.5% of ongoing tenants in non-RPZs experienced rent increases of 8% or more compared with 2.8% of tenants in Dublin and 4.8% in other RPZs.