Private rent averages at €534 per month in Longford

Longford Leader

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Three bedroom semi detached houses in Longford saw the biggest increase

The Residential Tenancies Board (RTB) Q3 Rent Index shows the average private rent for new tenancies in Co Longford was €534.

The average rent for new tenancies, nationwide, was €1,056 per month marking an annualised growth rate of 9.5% and the RTB recently launched an education and awareness campaign that calls for landlords and tenants to ensure rents being charged are in line with the law.

In the July-September period of 2017, the average rent in Co Longford for newly registered properties with the RTB was €534 - down €4 when compared to the average rent in Q2, 2017, which was €538.

When compared with the same period last year, rents are up €43.

Rents are highest in Dublin, the surrounding counties and larger urban counties such as Cork, Galway and Limerick.

In percentage terms, nationally rents grew 9.5% over the year to Q3, an increased rate of growth compared to the second quarter of 2017.

Rents in the third quarter of 2017 were 7% above their previous peak recorded in the last quarter of 2007.

While rents began growing again in late 2012, the acceleration in the pace of growth, beginning in early 2014, continued in the most recent quarter.

On an annualised basis, the rate of rental growth was the fastest in Co Limerick at 21.6% per annum, with rents in Waterford growing at 14.2% year-on-year.

Rents in Dublin City grew at 10.4% year-on-year, with a similar 11.4% change for Cork City. The slowest growing rents were in Co Leitrim which grew at 2.1% on an annualised basis.

The RTB have launched an online campaign targeting tenants and landlords to drive greater awareness about Rent Pressure Zones and the requirements for setting rents on properties located in them.