WATERFORD has emerged as the only city with average rent lower than €1,000 per month.
The stark fact comes as national rents grew by 7% year-on-year in Q2 of 2021 – the highest growth since a rate of 7.4% in Q1 2019. However, comparisons with rent rises nationally may be misleading, since rents in Waterford City have still increased in Q2 2021 compared with Q2 2020, with rent levels increasing by 9% and 8.7% year-on-year, respectively.
The level of increase prompted the Residential Tenancies Board (RTB), which has published the latest report, to describe the picture as a “source of concern”.
Nationally, the average monthly rent now stands at €1,352. It is the largest increase in rent prices since Q1 2019. The average rent in Waterford is €969. The housing minister has now instructed the RTB to crack down on “rogue landlords” following the increases.
Darragh O’Brien told the watchdog to “aggressively identify and pursue non-compliance with rent-setting responsibilities”.
“aggressively identify and pursue non-compliance”
Mr O’Brien said he was committed to ensuring full protection for tenants, particularly as the rises may indicate non-compliance by landlords with rent setting regulations, which are designed to restrict rent increases in Rent Pressure Zone areas (RPZ).
He warned not adhering to RPZ legislation was a serious offence.
“They are an essential pillar of rental policy and the impact of not complying with these measures can have severe knock-on effects – it is essential that people understand that non-adherence to RPZ legislation is a serious offence.
“In this context, I have called upon the RTB to ensure that their full powers and resources are brought to bear in initiating and executing a robust and thorough campaign to identify non-compliance and breaches in RPZ rent increase restrictions and related procedures, including those related to rent reviews and notification of exemptions from the restrictions,” he said.