The average rent increase in Ireland has went up by 0.7% in the last quarter according to the latest RTB rent index.

The report for quarter 2 of 2018 shows the average annual rent increase was 7.6%, up from 6.9% in the previous quarter.

Sinn Féin Housing spokesperson Eoin Ó Broin TD said: "The latest figures published by the RTB show that the average rent across the country is now €1,094, an annual increase of 7.6%.

"In Dublin the average rent for new tenancies is now €1,587, an annual increase of 8.8%. 

"What is as equally as worrying as the rent hikes is the clear emergence of a two tier rental market.

"The RTB report indicates that annual rent rises in sitting tenancies grew by 4.9%, still over the 4% rent cap, and new tenancies by 8.4%. 

-- Advertisement --

"Sinn Féin warned this would happen as some landlords re-letting properties are seeking to circumvent the 4% rent pressure zone cap with claims of substantial refurbishment of properties. 

"In the other large urban areas rents in Cork City rose by 6.2% annually to an average €1,123 per month and in Limerick, which is outside the rent pressure zones, rents rose by 12.4% to an average of €880.

"This report further highlights the failure of the rent pressure zone legislation and an urgent review of it is now required."

Deputy Ó Broin also called for a for the introduction of a rent freeze.

He continued: "Sinn Féin believe that a three year rent freeze should be imposed on existing tenancies and new tenancies should be capped at the RTB’s standardised rent index by county or LEA.

"To help make rents more affordable we would also introduce a temporary refundable rent relief for all renters. This would give hard pressed tenants one month’s rent back annually.

"I will be raising this latest rent spike with the Minister for Housing at the Housing Committee tomorrow afternoon. How high do rental costs have to go before this government changes course and takes decisive action on excessive rents?"

(CM)