More substantial rent increases have been recorded by the Residential Tenancies Board in the second quarter of the year.

Rent levels in both new and existing tenancies have increased nationally.

The standardised average rent in new tenancies grew by 11.6% year-on-year and in existing tenancies it increased by by 5.3%.

The standardised average rent in the second quarter of the year was €1,332 for existing tenancies and €1,574 for new tenancies - a difference of €242 per month.

Year-on-year change in rents paid in new tenancies for Q2 2023. Source: RTB

The RTB said the annualised rental inflation for new tenancies now stands at the highest level since the series began.

However, rents for existing tenancies grew by less than half the rate for new tenancies on an annual basis and by less than the Consumer Price Index (CPI) over the same period.

Standard average rent in existing tenancies, Q3 2023. Source: RTB

RTB Director Niall Byrne said the report includes information on existing tenancies for the first-time.

"The production of an index that can track rent developments in all rents across the private rental sector is a major step forward," he said.

"Information is now available for sitting tenants which was not available in the previous Rent Index Reports.

"Over time, these indices will provide strong evidence and deeper insights into the private rental sector for the benefit of policymakers and the public."

Source: RTB

The Rent Index does not measure compliance with Rent Pressure Zone legislation.

The RTB said the 5.3% annual increase in rents in existing tenancies is "not to be interpreted as a measure of compliance with RPZ rules".

"It is a national figure that is based on existing tenancies, both inside and outside RPZs," it said.

New RPZ designations are also coming into effect for Shannon Local Electoral Area and the Administrative Area of Westmeath County Council.

Based on the Rent Pressure Zone criteria, they have been designated as RPZs as of today, November 30th.

Rent increases in an RPZ are currently limited to 2% per year under the law.

Main image: Man puts key in the entrance door of an apartment, 1-3-22. Image: Xavi Martin / Alamy