Ireland's rents up nearly 10 pct in second quarter

Ireland's rents rose by nearly 10 percent in the second quarter of this year, when compared to last year, according to the latest rent index on Thursday.

In Dublin, rents are now 3.9 percent higher than their previous peak in the fourth quarter of 2007, according to the rent index from the Residential Tenancies Board (RTB), which maintains a register of private residential tenancies in Ireland.

In contrast, the market outside Dublin has experienced more subdued growth and so rental levels remain 11.2 percent off their peak levels, the RTB said.

On an annual basis, rents for houses nationally were up 9.3 percent from 850 euros (about 952 U.S. dollars) to 929 euros per month, and apartments increased by 11.7 percent, up from 908 euros to 1,014 euros per month, according to the RTB index.

The RTB said annual growth in the Dublin market was also strong, up by 9 percent.

However, Dublin house rents were up by 7.5 percent and Dublin apartment rents were higher by 9.8 percent.

It also said annual growth in rents for the market outside Dublin recorded growth of 10.6 percent when compared to the second quarter of 2015.

Monthly rent for houses outside Dublin increased by 9.9 percent, while apartments outside Dublin experienced an increase of 12.7 percent.

The RTB attributed the rent increases to continuing lack of property supply, saying that an increase in short-term lets has left fewer properties available for long-term leases. (1 euro = 1.12 U.S. dollars) Endit