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New Midlands Tenants Getting Disproportionate Rent Increases

Thursday, 8 February 2024 09:39

A large disparity has emerged between the rise cost of rent for new tenancies and old.

Rents across the midlands are on the rise according to the latest data from the Rental Tenancies Board.

Renters in Westmeath saw the biggest increase in the region when compared to Q3 of 2022.

The cost of a new tenancy has increased there by just under 15% over a 12 month period.

Offaly saw a 14% increase, while Laois rents increased by 13.2%.

Westmeath is also the most expensive county in the region for a new tenancy at just under €1,200 per month, it's €1,100 for Laois, and just under that figure for Offaly.

Existing tenants in the midlands have seen rises of just 3.7% in Laois, 5.9% in Offaly, and 6% in Westmeath.

Nationally, average rents in new tenancies grew by 11% year-on-year in the third quarter of last year.

That compares to renters in existing tenancies, which saw increases of 5.2%.

The housing charity Threshold CEO John-Mark McCafferty says renters are being caught up in a vicious cycle:

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