The national median monthly rent is now €1,300, new research has found, while the median deposit is €1,000.
Research carried out on behalf of the Residential Tenancies Board (RTB) found the median rent nationally has increased by €300 since 2019/2020, when the study was last carried out.
In a survey of renters, 31 per cent of said their rent has increased since they began their tenancy. Of the 69 per cent who said their rent had not increased in that time, half had been renting for five years or more.
Meanwhile, those whose rent had increased since it had done so in the last 12 months.
Despite the increase in average monthly rents, the vast majority of those surveyed (93 per cent) said they had been able to pay their rent as it fell due during the preceding 12 months.
The report found the number of renters in employment has increased since the last study in 2019/2020, with 78 per cent of tenants now in work compared to 66 per cent three years ago.
The report authors noted that as some of the research contained in the last report was collected in 2020, the findings were impacted by the Covid pandemic.
Asked why they are renting, 30 per cent mentioned their inability to get a mortgage, 13 per cent said renting allows them to live somewhere they cannot afford to buy, and 8 per cent said they are saving for a mortgage.
Just over one third of tenants said they expect to be owner-occupiers in five years' time, while just under half said they expected the same in 10 years' time.
Almost one fifth (18 per cent) of renters surveyed were in receipt of some form of rental assistance, with the Housing Assistance Payment (HAP) accounting for 83 per cent of those cases.
Just short of 90 per cent said they make a top-up payment in addition to their rental assistance, with the average top-up amounting to €184.38.
Landlords
The report also complied information on landlords, finding that the age profile of small lordlords – those with one or two properties – is getting older.
The majority of small landlords (79 per cent) were aged 45 and older, up from 68 per cent in the 2019/2020 report.
Nearly all (94 per cent) of this cohort said they identify as 'part-time landlords', holding a different primary occupation.
In 2022, 90 per cent of landlords said their relationship with current tenants is positive or very positive, up from 88 per cent.
Commenting on the report, RTB director Niall Byrne said the research provides important insights into the rental sector, which "enhances the understanding of the profile as well as the concerns and intentions of landlords, tenants and letting agents in Ireland".
"This type of comparative research is important in identifying and monitoring trends across the rental sector," he added.
