Average rents rise over 12-months despite pandemic
The cost of average rents in Cavan and Monaghan currently stand at €684.
Average rents costs across the region have rise over the past 12-months despite the continuing impact of the Covid-19 pandemic on family incomes.
The data, contained within Residential Tenancies Board (RTB) rent index for Q4 2020, shows varied but widespread jumps in the cost of rent nationally
Rents in Cavan rose by 3.7 per cent last year.
In neighbouring Co Monagham rental costs increased by 0.7 per cent.
The cost of average rents in the two counties currently stand at €684.
Leitrim saw the highest percentage increase in rental costs nationwide throughout 2020 when compared to the previous year.
Prices in the county jumped by almost 11.5 per cent to €626, up from €562 a year ago.
Dublin still stands as the country with the nations highest rent.
However, the capital recorded one of the smallest year on year cost increases when compared to other counties.
Then cost of renting in Dublin was followed by Galway and Cork cities.
Responding to the RTB publication, the Institute of Professional Auctioneers & Valuers (IPAV), said inflated rents make more expensive than servicing a mortgage on a home outright, if only those on average wages could acquire a property.
They added that piecemeal legislative interventions over recent years, including Rent Pressure Zone regulation, had only served to keep rents elevated rather than tapering them.
“The 4pc annual increase allowable became a target for landlords willing to charge lower than market rents who felt compelled to rush through a closing gate fearing that if they did not do so they would be locked into low rents into the future,” said Pat Davitt, IPAV Chief Executive.
“Onerous regulation that has left private landlords in a deeply more unequal tax position by comparison with commercial landlords and disadvantaged in any ability to deal with irresponsible tenants has been largely responsible for the exit of 46,264 private landlords from the market since 2012,” he said.
Mr Davitt said while RPZ legislation is in place it is hard to credit the rationale for continuing to allow new properties to remain outside of the “poorly drafted” RPZ legislation on first lettings.
“An interpreting industry has had to be built around it. An increasing number of disputes are extremely complicated to unravel and hearings can take an undue length of time to resolve,” he said.
Mr Davitt aded that the answer to the rental crisis is to build more homes. “The Minister should be prioritising getting rid of impediments to home building.”