Rents continue rise as RTB reports highlight ongoing affordability issues for tenants - Eoin Ó Broin
Sinn Féin spokesperson on Housing Eoin Ó Broin TD has commented on the publication of research by the Residential Tenancies Board (RTB), which indicates that affordability issues are a concern for half of tenants.
This is amplified by the publication of the RTB rent index today, which shows that rents have risen by 7% outside Dublin, with average rent now at €1,320.
Teachta Ó Broin said:
“Any new research that adds to our knowledge of the rental sector is welcome and the RTB Rental Sector Survey Report that was published today is comprehensive and highlights many important aspects of the private rental sector.
“The most concerning, however, is the ongoing issues around affordability for tenants and the numbers of landlords leaving the market.
“The data indicates that half of the tenants surveyed spent more than 30% of their monthly net income on rent.
“This isn’t surprising when the RTB Rent Index, also published today, indicates that outside the capital rents have risen by 7% annually, with the average rent now €1,320. The data shows that 17 counties recorded annual growth of more than 5%.
“In Dublin, where 64% of tenants surveyed by the RTB spent more than 30% of their monthly income on rent, the RTB Rent Index shows that the average rent in Dublin is now €1,820.
“This really highlights the need for affordable cost rental accommodation to be funded and rolled out at scale, along with a three-year ban on rent increases and a refundable tax credit for all private renters.
“What is also concerning about the data is that 26% of small landlords plan to sell a rental property in the next five years. Small landlords, with one or two properties, still make up most of our rental sector.
“I have repeatedly called for the Minister for Housing to urgently commission research to come up with a way to tackle the disorderly exit of landlords from the rental market.
“A dysfunctional rental market is bad for both landlords and tenants and the Minister for Housing has an opportunity to remedy this with his new Housing for All strategy.”