The average cost of renting in Louth rose by €36 per month year-on-year, new figures from the Residential Tenancies Board show – while Dundalk town is now the costliest place in the county to rent a property.
The standardised average cost of renting in Dundalk is now €1,118.93 – just short of €45 more than the standardised average monthly rent bill in Drogheda town. The figures, broken down by local electoral area, show that in the Drogheda rural area, the average stands at €1,022.24 while in the Dundalk-Carlingford area it is €1,003.79.
In Ardee, the standardised average cost of monthly rental is €980.07. In comparison, the RTB said the standardised average rent nationally, but excluding the greater Dublin area, stood at €870 in the first quarter of 2020. €1,231 is the Q1 2020 national standardised average rent, which is up 5.4% compared to this time last year – €1,168 in Q1 2019.
The average cost of renting in Louth now stands at €1,039, up from €1,003 in Q1 of 2019 and up from €1,026 from the last quarter of last year. Louth joins Dublin, Wicklow, Cork, Galway, Kildare and neighbouring Meath as the counties who have an average standardised rent over €1,000. However, Louth’s year-on-year increase of 3.6% is lower than most of those counties, bar Galway.
2.2% of all new tenancies registered nationally in the first three months of the year are in Louth. 2.1% were in Meath, with 4.1% of new tenancies registered in Kildare.
Earlier today, the Minister for Housing, Local Government and Heritage, Darragh O’Brien, designated the Bandon – Kinsale Local Electoral Area as a Rent Pressure Zone, following the publication of the RTB Rent Index Report. Last year, Dundalk became a RPZ, following Drogheda who became a RPZ in 2017.
The average standardised rent in Louth has risen by €372 a month in the the last ten years – increasing from €667 to €1,039. It has risen by €295 in the last four years alone.