“New renters are being locked out of the market”
Sinn Féin TD Imelda Munster TD has said that private rents are spiralling out of control but the government has no plan to deal with the situation.
Deputy Munster was speaking following the publication of the latest Q4 Rent Report by the Residential Tenancies Board (RTB).
The report shows that the standardised average rent in Q4 2023 in Louth is €1148 for existing rents and €1274 for new rents.
In Meath the figures are €1298 for existing tenancies and €1490 for new tenancies.
Deputy Munster said:
“The latest RTB report shows that the private rental sector is spiralling out of control.
“The top rate of HAP in Louth and Meath is €1,100 which means that new renters are being locked out of the market. This situation is especially stark in Drogheda where the average new tenancy is €1304 in the Drogheda Urban area.
“Nationally new rents jumped 9% and existing rents jumped 6% last year. There was also a significant drop off in new tenancy registrations, which are down 31% on the same period the previous year.
“This means that rents continue to spiral out of control while supply is contracting.
“New rents are completely unaffordable for the average person. It is impossible for many regular working people to pay these rents. Rents are increasing month on month, year on year. The Rent Pressure Zones aren’t preventing these increases.
“The consequences are overcrowded living conditions, children being reared in unsuitable short-term accommodation, people not being able to save for a deposit to buy their own home.
“It’s clear that the government regulations, in particular Rent Pressure Zones aren’t working.
“The government’s renter’s tax credit isn’t enough. We need an emergency ban on rent increases for three years and a full month’s rent back in every private renter’s pocket.
“More importantly, we need government to dramatically increase investment in and delivery of genuinely affordable homes to rent and buy. This is the only way to improve matters for renters.”
