Rents in Dublin grew by 3.5% in the first quarter of the year according to the latest index from the Private Residential Tenancies Board.
The index examines the actual rent paid for houses and apartments and shows further evidence of a two tier system.
Rents outside the capital fell by .3 per cent in the same period.
Rents in Dublin grew by 4.7 per cent on an annual basis. While Dublin house rents increased by 2.0 per cent. On an annual basis, Dublin house rents rose by 3.6 per cent, while Dublin apartment rents increased by 5.6 per cent.
However, outside Dublin, overall rents in the second quarter, when compared with the first quarter of the year, were down by 0.3 per cent. On an annual basis the decline was 1.3 per cent.
Rents for houses outside Dublin recorded a similar quarterly change, declining by 0.4 per cent, but fell by 3.2 per cent on an annual basis.
Rents for apartments nationally went up by an average of 2.4 per cent compared to Q1 (€842 from €822), and by 2.8 per cent when compared with Q2 of last year (€842 from €819).
Commenting on the findings, the Director of the PRTB, Ms. Anne Marie Caulfield, said:
“The latest PRTB / ESRI Rent Index is really a story of two markets – the Dublin region, where rents are growing strongly, and the rest of the country where there was actually a slight decline in Quarter 2 as compared with the first quarter of 2013.
Karl Deeter of Irish Mortgage Brokers has been examining the figures