Laois rents for new tenancies hit over €1,200 per month

The average price of renting a property in Laois under a new tenancy has risen to over €1,200 per month, according to the latest report from the Residential Tenancies Board (RTB).

The standardised average rent in Laois for the last three months of 2023 for new tenancies jumped by 20% to €1,217, the new RTB rent index reveals. 

Meanwhile the standardised average rent for an existing tenancy during that period rose to €952 per month which represents a 6% increase when compared to the final quarter of 2022. 

In the Portlaoise Local Electoral Area (LEA) the cost of new tenancies rose to €1,284 while rents in the Graiguecullen - Portarlington LEA rose to €1,140 for new tenancies. 

The report clearly shows that rent levels in existing tenancies are lower than in new tenancies. Nationally the standardised average rent in the final quarter of 2023 was higher for new tenancies than for existing tenancies (€1,595 vs €1,374), a difference of €221 or 16.1% per month.

Speaking on the publication of the report, Deputy Director of the RTB, Lucia Crimin commented, “The RTB is very pleased to publish the Q4 2023 Rent Index report. The report provides robust insights into the private rental sector by tracking rental price developments in new and existing tenancies. The data for the fourth quarter of 2023 broadly shows a continuation of the trends observed in recent quarters. Although, rent levels are continuing to rise in both new and existing tenancies, standardised average rent levels in existing tenancies remain significantly lower than in new tenancies and, nationally, the standardised average rent for new tenancies remained virtually unchanged from the previous quarter.”