PRTB rent Index Quarter 3 2014

PRTB rent Index Quarter 3 2014

Data for quarter 3, 2014 show that although rents continue to increase, the rate of growth moderated in the third quarter.
Based on the sub-indices it is evident that this moderation is a reflection of trends in the Dublin rental market, with the pace of increase in the rental markets outside Dublin being stronger in quarter 3 when compared with quarter 2, 2014.

At a national level, monthly rent levels rose in the third quarter of 2014, up by 2.3 per cent when compared with the previous quarter. Looking at trends in more detail, monthly rents for houses were up by 3.0 per cent quarter on quarter, while rents for apartments were 1.5 per cent higher than in Quarter 2, 2014.

Rents in Dublin grew by 2.3 per cent when compared with the second quarter of 2014. While rents for houses in Dublin increased by 3.1 per cent, rents for Dublin apartments rose by 2.0 per cent quarter on quarter. The rent indices show for properties outside Dublin show rents in the third quarter of 2014, when compared with the second quarter of this year, were up by 2.5 per cent. Rents for houses outside Dublin recorded a quarterly increase of 3.0 per cent. The index for apartment rents outside Dublin increased by 1.8 per cent in the third quarter.

On an annual basis, nationally, rents were 5.6 per cent higher than in quarter 3 of 2013. Nationally, rents for houses were 4.3 per cent higher, while apartment rents were 7.3 per cent higher than in the same quarter of 2013. Annual growth in the Dublin market was stronger, up by 9.5 per cent, with Dublin house rents up by 7.5 per cent and Dublin apartment rents higher by 11.6 per cent. In contrast, annual growth in rents for the market outside Dublin was more subdued, recording growth of 3.8 per cent when compared to the third quarter of 2013. Again the performance differs by property type. Monthly rent for houses outside Dublin increased by 3.4 per cent, while apartments outside Dublin experienced an increase of 5.0 per cent.

In the third quarter of 2014, nationally, monthly rents were over 17 per cent lower than their peak in late 2007, with Dublin rents down 9.4 per cent from peak. Nationally, rents for houses are 19.6 per cent lower than they were in the fourth quarter of 2007. Rents for houses outside Dublin are 22.8 per cent lower than their peak, while rents for Dublin houses are 8.4 per cent lower than in late 2007. Monthly rents for apartments nationally are 15.4 per cent lower than they were in the last quarter of 2007. Apartment rents outside Dublin are 21.3 per cent lower than their peak, while rents for Dublin apartments are 9.0 per cent lower than in late 2007.

Source : PRTB