We’re not even shocked anymore.

A new report shows Cork City had the second highest standardised average rent level in new tenancies at €1,392.

According to the Residential Tenancies Board quarterly Rent Index, released today, the average rent in new tenancies nationally was €1,415 per month.

The average rent for houses in Ireland stood at €1,390 per month, rising to €1,459 per month for apartments.

Year-on-year growth rates were 6.6% in Cork City and 13.7 across the county.

The highest standardised average rent in new tenancies for Q4 2021 was in Dublin at €1,972 per month while the lowest monthly rents were in Leitrim, where the standardised average rent in new tenancies stood at €740 per month.

“Today’s Rent Index reports on rental price changes in new tenancies and shows continued growth in rents being set for this proportion of the overall private rented sector.” said RTB Director Niall Byrne.

“We also note a fall in the number of tenancies registered in the quarter. This is likely driven by factors such as continuing constraints on the supply of rental properties and by current tenants choosing to stay longer in their existing tenancies.”

Mr Byrne said new legislation introduced earlier this month will help the RTB keep a watchful eye on the market:

“On April 4th, 2022, new legislation was introduced requiring landlords to register all tenancies with the RTB on an annual basis. This is a significant change for the residential rental sector and for landlords.

“One of the public benefits from annual registration will be to provide the RTB with current data on all rents which will enable us to publish more detailed reports on rents and rent levels, for both new and existing tenancies, beginning, we expect, in 2023.” he said.

“While we know that the vast majority of landlords work to ensure good relations with their tenants and comply with rental law, those who clearly fail to observe the law and who deliberately breach the legal rights of tenants, will be held accountable by the RTB.”