Rent increases continue | Newstalk

Rory Hearne (Associate Professor of Social Policy Maynooth University and author of ‘Gaffs’) joins Ciara Kelly on Newstalk Breakfast to discuss a new RTB report that notes the highest annual rent hike since 2007. More substantial rent increases have been recorded by the Residential Tenancies Board in the second quarter of the year. Rent levels in both new and existing tenancies have increased nationally. The standardised average rent in new tenancies grew by 11.6% year-on-year and in existing tenancies it increased by by 5.3%. The standardised average rent in the second quarter of the year was €1,332 for existing tenancies and €1,574 for new tenancies - a difference of €242 per month. The RTB said the annualised rental inflation for new tenancies now stands at the highest level since the series began. However, rents for existing tenancies grew by less than half the rate for new tenancies on an annual basis and by less than the Consumer Price Index (CPI) over the same period. RTB Director Niall Byrne said the report includes information on existing tenancies for the first-time. "The production of an index that can track rent developments in all rents across the private rental sector is a major step forward," he said. "Information is now available for sitting tenants which was not available in the previous Rent Index Reports. "Over time, these indices will provide strong evidence and deeper insights into the private rental sector for the benefit of policymakers and the public." The Rent Index does not measure compliance with Rent Pressure Zone legislation. The RTB said the 5.3% annual increase in rents in existing tenancies is "not to be interpreted as a measure of compliance with RPZ rules". "It is a national figure that is based on existing tenancies, both inside and outside RPZs," it said. New RPZ designations are also coming into effect for Shannon Local Electoral Area and the Administrative Area of Westmeath County Council. Based on the Rent Pressure Zone criteria, they have been designated as RPZs as of today, November 30th. Rent increases in an RPZ are currently limited to 2% per year under the law. ___________________________________________________________________________ 📱 Have you downloaded the Newstalk app? - Find the app in the Google Play store: https://play.google.com/store/apps/details?id=com.thisisaim.newstalk&hl=en_IE&gl=US - Find the app via Apple: https://apps.apple.com/ie/app/newstalk-106-108-fm/id372643826 #️⃣ SUBSCRIBE to the Newstalk social channels: - YOUTUBE | youtube.com/@Newstalkfm - TWITTER | twitter.com/newstalkfm - INSTAGRAM | instagram.com/newstalkfm/ - FACEBOOK | facebook.com/newstalkfm - WEBSITE | https://www.newstalk.com/ 🎧 PODCAST - listen at your leisure: newstalk.com/podcasts - iTunes: search for Newstalk in your app! - Spotify: search for Newstalk for our latest pods and news - Or wherever you get your podcasts! 📱GET IN TOUCH WITH NEWSTALK - WhatsApp: get in touch on 0871400106