The challenge of finding a rental property – particularly an affordable one – is a big issue amid concerns in many households over the imminent ending of the eviction ban. But who is the typical renter in Ireland?
The credit was previously applied at a maximum rate of €360 a year , but was steadily reduced in the years up to 2017 before being abolished that year.
Given average rents of €2,022 in Dublin, and €1,164 outside the capital, for new tenancies according to the Residential Tenancies Board rent index, and monthly net income of between €2,146 and €2,742 based on those median salary levels, the figures clearly show the financial pressures renters are facing.But there are some people renting and claiming the credit who earn incomes significantly in excess of national averages.
More than half of all renters are aged between 25 and 34, with almost 100,000 tax credit claimants falling into this age category. Overall, almost 90 per cent of those claiming the credit are 44 or younger, with a sizeable cohort, some 12.3 per cent, aged 24 or younger. The county with the fewest people renting is also the county with the smallest population – Leitrim. According to the figures, just 557 people claiming the credit said they rented in the county, representing just 0.3 per cent of the total. It’s followed by Longford and Monaghan .
Just 7.4 per cent, or some 13,117 tenants, have been in their current home for 10 or more years, with less than a quarter, or 23 per cent, renting current property for five years or more.Against a background of record rents, one would expect a high application rate for the new credit. The latest Residential Tenancies Board rent index, for the third quarter of 2022, gives an average figure of €1,482 a month for rents agreed on new tenancies.
When launching the credit last autumn, the Department of Finance estimated that up to 400,000 tenants might be eligible to claim. The latest figures from Revenue show that, as of March 13th, only 190,000 tenants have thus far claimed the credit – less than half of what was expected, however. So why might this be?
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