The cost of renting an apartment in Dublin is now almost 15% above the previous record high during the Celtic Tiger in 2007. Figures released today show overall rents in Dublin increased by 3.3% between May and August of this year.
The Residential Tenancies Board has confirmed that demand for rented accommodation in Dublin is "very high", but that outside Dublin rents are still 4% lower than their 2007 peak levels.
The Director of the Residential Tenancies Board, Rosalind Carroll, has admitted that she "would have liked to have seen more evidence of further dampening of the market", following the introduction or rent pressure zones.
Today's report reveals that two more areas, Greystone and Drogheda, meet the criteria for Rent Pressure Zones, meaning rents in those areas can't be raised by any more than 4% a year.
Rosalind Carroll is encouraging anyone faced with increases over the 4% cap to refer a dispute to the RTB, and says the same advice applies to tenants entering a new tenancy. "Even if a tenant has agreed to a rent in excess of the limit and signed a tenancy agreement, they are still protected under the law; they cannot contract out their rights."
"If a landlord has been found not to have not adhered to the limits, it can have significant consequences and damages of up to €20,000 can be awarded as well as repayment of the additional rent", she explained. Cases can be referred to the RTB up to six years after the tenancy was in place.
The Rent Index is based on rents being paid for over 19,000 new tenancies registered with the Residential Tenancies Board.