New tenancy rent rates up by over 10% year-on-year in Kilkenny

The average standardised rent for new tenancies in Kilkenny was €1,143.12 in Quarter One of 2023, according to the latest report from the Residential Tenancies Board (RTB).

This figure is slightly (-2.2%) lower than the figure from the previous quarter (€1,168.55).

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Despite the quarterly decrease, the average standardised rent has increased overall by 10.5% (€1,034.34) between Q1 of 2022 and Q1 of 2023.

Kilkenny is one of sixteen counties where standardised rents for new tenancies were above €1000 a month in the first quarter of 2023.

Carlow, Clare, Cork, Dublin, Galway, Kerry, Kildare, Laois, Limerick, Louth, Meath, Waterford, Westmeath, Wexford, and Wicklow were also included.

Nationally, there was an 8.9% increase in rents for new tenancies in the first quarter of 2023, standing at €1,544, a rise of just under 3% compared to the last quarter of 2022.

The report, released in each quarter of the year, is designed to measure the rental price developments faced by those taking up new tenancies in the private rental sector.

The Rent Index report is based on (i) new tenancies in existing rental properties, (ii) new properties being let for the first time, and (iii) new tenancies in properties that have not been let in the previous two years. 

It is not designed to provide a measure of the rents being paid by existing tenants. 

The term ‘new tenancies’ refers to a new rental agreement between a landlord and tenant.

This Rent Index is based on actual rents paid under 14,085 private tenancies which were newly registered with the RTB in Q1 2023.

The lowest yearly growth in the standardised average rent for new tenancies in Q1 2023 was in Carlow where rents grew by 2.0%. 

The county with the fastest growing standardised average rent in new tenancies in Q1 2023 was Roscommon with a reported 23.7% year-on-year growth.

Fifteen counties, including Kilkenny, had annualised growth in standardised average rent for new tenancies above 10.0% in Q1 2023.

The RTB says it is important to note the small number of registrations in Roscommon and other more rural, smaller rental markets can contribute to volatility in the standardised average rents and growth rates.