Threshold, the national housing charity have warned that renters are at breaking point with the pressure of increasing rental inflation.
The warning comes ahead of Budget 2023, where Threshold are urging the Government to remember the high cost of renting.
The RTB’s latest report details an annual increase in rents of 9.2% in new tenancies in Q1 2022 alone. This now makes the national standardised average rent in new tenancies at €1,460 in Q1 2022, showing an increase of €123 compared to the previous year.
Threshold’s Policy Officer, Ann-Marie O’Reilly stated:
“The pressures being felt by renters will only be fully alleviated by increased supply, however there are measures that the government can take in the short term to reduce the burden for tenants. The recent increase in the Housing Assistance Payment (HAP) limits to 35% are a step in the right direction, and the government has an opportunity in the upcoming budget to intervene, in a targeted manner, in the sector to provide breathing space for people. Budget 2023 must be a cost-of-living budget and a renter’s budget.”