Sinn Féin spokesperson on Housing, Eoin Ó Broin TD, has said that the government has no plan for a private rental sector that is spiralling out of control.

His comments were made as the RTB published their Q4 2023 Rent Report showing new rents up 9% and existing rents up 6% in 2023.

The RTB report also shows a 31% drop in new tenancy registrations in the last quarter of last year compared to Q4 2022.

Teachta Ó Broin said:

“The latest RTB rent report shows a private rental sector continuing to spiral out of control. New rents jumped 9% last year and existing rents jumped 6%. There was also a significant drop off in new tenancy registrations, down 31% on the same period the previous year.

“For renters, this means rents continue to spiral out of control while supply continues to contract.

“Average new rents in Dublin are now €25,000 a year and existing rents are €21,600 a year in the capital. Across the state, new rents now cost on average €19,00 and existing rents €16,488.

“How are regular working people expected to afford these rents? How are they to save for a deposit to buy a home? Month on month, year on year, rents continue to rise for new and existing tenants and inside and outside rent pressure zones.

“There is also mounting evidence of significant noncompliance with the annual 2% cap in Rent Pressure Zones. While the RTB report doesn’t address the scale of compliance, it does give them the data to investigate and enforce.

“It is clear that the government has no plan for a private rental sector spiralling out of control. Their renters tax credit is simply not enough. We need an emergency ban on rent increases for three years and a full month’s rent back in every private renter’s pocket.

“But, more importantly, we need government to dramatically increase investment in and delivery of genuinely affordable homes to rent and buy. Last year, just 1000 affordable homes were delivered by government and many of these were too expensive for most working people.”