This latest RTB Rent Index Report shows a mixed picture. Rental prices are still too high. However, I welcome the signs of stabilisation in most of our cities, confirming that Rent Pressure Zones are working to dampen inflation. In Dublin, the quarter-on-quarter increase from Q2 to Q3 was 2.1%, down from 4.6% in the previous quarter. In Cork the increase was 1.4%, down from 2.4% the previous quarter.
On foot of this report I have now designated four new Electoral Areas as Rent Pressure Zones. The new Rent Pressure Zones are Cobh (to include Watergrasshill), Co Cork; Piltown, Co Kilkenny; Strandhill, Co Sligo, and Baltinglass in Co Wicklow. I have now designated 25 new areas since the introduction of changes in the way that Rent Pressure Zones are calculated this year.
To further support the RTB in its work, and to ensure that all institutions of state are working together to protect tenants, I will instruct Local Authorities to inspect rents being paid by tenants as part of the tenancy inspection process. This means that the rents being paid in more than 3000 tenancies will be verified every month and this information will be passed on to the RTB to enable them to assess whether the rents being paid are in compliance with Rent Pressure Zone restrictions, and to initiate enforcement investigations where non-compliance is identified.
Separately the RTB has indicated to me that work is underway under the new powers given to them earlier this year in relation to cases of RPZ breaches. These will be pursued in the coming months.