About Us. What do we do? INFORMATION, RESEARCH AND EDUCATION REGISTRATIONS DISPUTE RESOLUTION

Transcription

1 The RTB Rent Index Quarter

2 About Us The Residential Tenancies Board (RTB) is a public body set up to support and develop a well-functioning rental housing sector. What do we do? INFORMATION, RESEARCH AND EDUCATION We provide high-quality information and assistance to the public, tenants and landlords on their rights and obligations, in terms both of living and providing accommodation in the rental sector. We also provide accurate and authoritative data on the rental sector, such as the Rent Index, which allows us to monitor trends in the rental sector and also allows individuals to check and compare rents in particular locations. REGISTRATIONS All private residential landlords and Approved Housing Bodies, who are not-for-profit housing providers, often referred to as Housing Associations, must register their tenancies. A public register of tenancies is available on our website. The registration of tenancies enables us to collect important data on the sector. It is also a key part of regulating and supporting the sector and ensuring that landlords and tenants are aware of their rights and responsibilities. DISPUTE RESOLUTION Since 2004, we have replaced the courts in dealing with the majority of disputes between landlords and tenants through our Dispute Resolution Service. This service offers a choice of resolution types to parties mediation or adjudication.

3 Contents Introduction 2 Summary of Results for Quarter Comparison across Regions and Cities 7 Comparing Dublin and outside Dublin 7 A closer look at our cities 11 Rental Developments across Counties 12 Local Electoral Area Rent Developments 16 Appendix 1: Technical Appendix 20 1

4 Introduction This report is produced by the Residential Tenancies Board (RTB) and the Economic and Social Research Institute (ESRI) and provides rental indicators (the Rent Index) generated to track price developments in the Irish market. The analysis presents rental indices on a quarterly basis for a ten year period covering 2007 Q3 to 2017 Q3. Up until recently, the Index estimated rents for just three regions; national, the Dublin area and outside the Dublin area. However, a new model was developed and has been in place since 2016 Q4 which provides information at a more granular Local Electoral Area (LEA) level. To further enhance the geographic presentation of rental data for Ireland, this report provides a further breakdown of standardised average rents by county as well as presenting a number of higher level aggregation indices which present variation for major cities (Dublin, Cork, Galway, Limerick, Waterford). These estimates further enhance the scope of the information provided in the report. The Index is the most accurate and authoritative rent report of its kind on the private rental sector in Ireland. Relative to other market monitoring reports produced for the Irish rental sector, the RTB/ESRI Index has the considerable benefit of being based on regulatory data covering all new tenancy agreements registered with the RTB nationally. Using such regulatory data is a considerable strength as the data coverage is broader than the samples used by any private sector reports. The report is structured as follows; in the next section, the overall results from 2017 Q3 are examined. The overall national Index is presented first and then disaggregated into the national picture by house and apartment. Second, high-level geographic estimates for selected regions and cities are presented. Estimates on a county-by-county basis are then provided and also the results for each LEA. In the appendices, more detail is provided on the calculation of the Index. NATIONALLY, RENTS GREW AT 9.5% ANNUALLY, AN INCREASED RATE OF GROWTH TO Q

5 Summary of results for Quarter The results for the 2017 Q3 indicate that private sector rents continued to trend upwards. Nationally, rents grew at 9.5 per cent annually, which represents an increased rate of growth relative to 2017 Q2. Furthermore, rents in 2017 Q3 were 7 per cent above their peak level recorded in 2007 Q4 as continued upward pressure has been exerted on prices in the sector: the Index stood at 107 for the latest quarter. Figure 1 tracks the development of the Index over time as well as splitting the national index by house and apartment. While rents began growing in late 2012, the acceleration in the pace of growth, beginning in early 2014, continued in the most recent quarter. This follows a moderate slowdown in pace of growth in 2016 Q4 and 2017 Q1. Table 1 presents the standardised rents as well as the growth rates in the rental levels. As of 2017 Q3, the standardised average national rent was 1,056 per month, up from 965 one year earlier. Relative to Q1 and Q2 of 2017, the pace of growth accelerated in the third quarter of Standardised rents increased 3.9 per cent quarter-on-quarter to 2017 Q3, up from 2.9 per cent in the previous quarter. It must be noted rents are seasonal in nature so quarterly growth rates can display considerable volatility. Table 2 provides a further disaggregation of the national standardised rents as well as the growth rates in the rental levels for both houses and apartments 1. Providing this housing type split gives additional granular information into how rents are developing across Ireland. As of 2017 Q3, the standardised average national rent for houses was 1,068 per month, up from 987 one year earlier with the figure for apartments at 1,139 per month, up from 1,022 one year earlier. The quarter-on-quarter growth rate for houses increased to 4.3 per cent in 2017 Q3, up from 2.9 per cent in 2017 Q2. The quarter-on-quarter growth rate for apartments remained constant at 2.8 per cent in 2017 Q3. On a year-on-year basis, rents for houses increased by 8.2 per cent in 2017 Q3. This represents acceleration from 6.3 per cent in the previous quarter. Apartment rents 29,528 increased by 11.5 per cent on a year-on-year basis. The Index for house rents stood at 105 in 2017 Q3, 4 index points higher than the peak in 2007 Q4. The Index for apartment rents stood at 116 in 2017 Q3, 8 index points higher than the 2007 Q4 peak. The number of tenancies registered with the RTB in Q was 29,528. THE NUMBER OF TENANCIES REGISTERED WITH THE RTB IN Q The analysis for house and apartment is limited to only records which indicate that the agreement is for either of these housing types. If housing type is other, these data are included in the national series but not in the overall series. The standardised average for the overall national level is below both the housing and apartment levels due to the fact that the growth rates for housing and apartments are faster than for other dwellings (as classified) which leads these data to depart from the base differentials set in 2017 Q3. 3

6 Table 1: Rent Index Q Period Index Year-on-Year Quarter-on-Quarter 2007Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q , Q ,

7 Figure 1: RTB Rent Index - National Q = Q3 2008Q1 2008Q3 2009Q1 2009Q3 2010Q1 2010Q3 2011Q1 2011Q3 2012Q1 2012Q3 2013Q1 2013Q3 2014Q1 2014Q3 2015Q1 2015Q3 2016Q1 2016Q3 2017Q1 2017Q3 National Index National Houses Index National Apts Index 5

8 Table 2: National Rent Index by House and Apartment Period Index (2007 Q3 = 100) Standardised Average Rent ( ) Quarter-on-Quarter Change Year-on-Year Change Houses Apartments Houses Apartments Houses Apartments Houses Apartments 2007Q , Q ,025 1, Q ,016 1, Q ,021 1, Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q , Q , Q , Q , Q , Q ,024 1, Q ,068 1,

9 Comparison across Regions and Cities In the housing sector, markets are often very local in orientation with households preferring to live in areas which are close to family, services, jobs, and amenities. To provide an understanding of how rental prices vary across regions in Ireland, this section presents a selected number of sub-national indices and provides trends in rents for these areas. The areas are selected based on the previous RTB/ESRI old index geographic splits and some new additional material that provides more granular insights for cities and the Greater Dublin Area (GDA). Please note that even where geographic splits correspond to previous report iterations, as the estimation methodology changed for this report, other than the starting base values, the figures will differ and should not be compared to previous versions. Time series are presented within this report iteration to provide a historical comparison. Comparing Dublin and outside Dublin The Dublin rental market is the largest in the country and how it develops over time has a large effect on developments in the national rental market. As Dublin also accounts for a large share of economic activity and employment, rent pressures can be greatest in this area with many people looking to live and work in close proximity. These pressures spill over into the Dublin commuter counties and many more households live in the counties surrounding Dublin. To begin the analysis looking below the national picture, the data are grouped into three regions: Dublin (including the four local authority areas), the Greater Dublin Area (excluding Dublin) and the rest of the country (Outside the Greater Dublin Area). As of 2017 Q3, the standardised average rent for Dublin stood at 1,518, up from 1,382 one year earlier. The Dublin Rent Index stood at 120 in 2017 Q3 up from 115 in the previous quarter. This index level is 15 index points higher than the previous peak of 105 in 2007 Q4, an increase of 14 per cent since that point. The quarter-on-quarter growth rate in Dublin was 4.1 per cent in 2017 Q3, an acceleration from 3.1 per cent in 2017 Q2. On a year-on-year basis, Dublin rents were up 9.9 per cent, this represents an increase from 5.8 per cent year-on-year growth in 2017 Q2. While rental pressures are evident in Dublin, many of the surrounding counties are also facing increasing rents. To provide a comparison to the Dublin area, we present results for the Greater Dublin Area excluding Dublin (GDA) 2. While the level of rents in the GDA are not as high as in Dublin, as of 2017 Q3, the standardised average rent for the GDA stood at 1,086 up from 1,020 year-on-year. 2 The GDA contains counties Meath, Kildare, Wicklow. The average of these counties presented in the counties table does not equal the GDA figure as this is estimated from a separate regression for the high level regions. 7

10 The GDA Rent Index stood at 107 in 2017 Q3 up from 104 in the previous quarter. The quarteron-quarter growth rate in the GDA was 2.7 per cent in 2017 Q3, an acceleration from 2.2 per cent in 2017 Q2. On a year-on-year basis, GDA rents were up 6.5 per cent, this represents a marginal increase from 6.2 per cent year-on-year growth in 2017 Q2. The rate of rental inflation is lower in the GDA than in Dublin on an annualised basis. To capture rental pressures in the rest of the country, a Rent Index is presented for the rest of the counties outside the GDA. The standardised average rent for outside the GDA stood at 811 up from 743 year-on-year. This is lower than the rents for the Dublin area and GDA. The Rent Index for the rest of the country stood at 102 in 2017 Q3 up from 97 in the previous quarter. The quarter-on-quarter growth rate for the rest of the country was 5.5 per cent in 2017 Q3, an acceleration from 3.5 per cent in 2017 Q2. On a year-on-year basis, rents outside the GDA were up 9.2 per cent, this represents a marginal increase from 8.0 per cent year-on-year growth in 2017 Q2. Figure 2: RTB Rent Index Dublin, GDA (excl. Dublin) and Outside GDA Q3 2007= Q3 2008Q1 2008Q3 2009Q1 2009Q3 2010Q1 2010Q3 2011Q1 2011Q3 2012Q1 2012Q3 2013Q1 2013Q3 2014Q1 2014Q3 2015Q1 2015Q3 2016Q1 2016Q3 2017Q1 2017Q3 Dublin Index Outside GDA Index GDA Index Figure 3: Annual Growth in RTB Index Rent Dublin, GDA (excl. Dublin) and Outside GDA Q3 2009Q1 2009Q3 2010Q1 2010Q3 2011Q1 2011Q3 2012Q1 2012Q3 2013Q1 2013Q3 2014Q1 2014Q3 2015Q1 2015Q3 2016Q1 2016Q3 2017Q1 2017Q3 Dublin Y-on-Y Change Outside GDA Y-on-Y Change GDA Y-on-Y Change 8

11 Table 3: Rent Indices and Standardised Average Rents (Q is Actual Average) Dublin Greater Dublin Area (excl Dublin) Outside Greater Dublin Area Dublin Greater Dublin Area (excl Dublin) Outside Greater Dublin Area 2007Q ,267 1, Q ,327 1, Q ,321 1, Q ,311 1, Q , Q , Q , Q , Q , Q , Q , Q , Q , Q , Q Q , Q , Q , Q Q , Q , Q , Q , Q , Q , Q , Q , Q , Q , Q , Q , Q , Q , Q , Q , Q , Q ,382 1, Q ,434 1, Q ,414 1, Q ,459 1, Q ,518 1,

12 Table 4: Growth Rates (Quarterly and Annual) Dublin Quarterly Growth Greater Dublin Area (excl Dublin) Outside Greater Dublin Area 2007Q Q Q Q Dublin Annual Growth Greater Dublin Area (excl Dublin) Outside Greater Dublin Area 2008Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q

13 A closer look at our cities Many Irish renters live in urban centres and prefer accommodation close to jobs and amenities. To provide more insight into rental developments across cities in Ireland, we have estimated a new cities model which provides for standardisation of rents for each of the cities. The data are presented in Table 7. Rents are highest in Dublin City and stood at 1,473 as of 2017 Q3. This compares to standardised average rents for Dublin as a whole of 1,518 which highlights that rents outside the city boundaries are slightly higher. Galway City standardised average rents stood at 1,177 for 2017 Q3, standardised averages for Cork City at 1132, Limerick City at 832 and Waterford City at 580. On an annualised basis, rents in Limerick City have been growing most rapidly at just over 19.1 per cent with rents in Waterford growing at 14.6 per cent year-on-year. Rents in Dublin City grew at 10.4 per cent year-on-year, with a similar 11.4 per cent change for Cork City. Galway rents were flat on an annualised basis but this area displays a high degree of seasonality which must be considered when interpreting the trend. Table 7: RTB Rent Index Irish Cities Index 2017Q3 Standardised Average Rent 2017Q3 Standardised Average Rent 2017Q2 Q-o-Q Change (%) Standardised Average Rent 2016Q3 Y-on-Y Change (%) Cork City 110 1,132 1, , Dublin City 122 1,473 1, , Galway City* 114 1, , Limerick City Waterford City * Galway City displays considerable seasonality issues. RENTS ARE HIGHEST IN DUBLIN CITY AS OF 2017 Q3 11

14 Rental Developments across Counties To provide a much more granular disaggregation of rental data across Ireland, we present standardised average rents, indices and per cent changes for each county. These are presented in Table 8 and also graphically displayed in the two heat maps presenting the level of rents in 2017 Q3 (Figure 8) and the year-on-year growth rate (Figure 9). These maps provide a graphical representation of where rental pressures are greatest and how prices are distributed across the country. Rents are highest in Dublin, the surrounding counties and larger urban counties such as Cork, Galway and Limerick. As of 2017 Q3, there were five counties where the average rent exceeds 1,000 per month (Cork, Dublin, Galway, Kildare and Wicklow). The highest standardised average rents were in Dublin at 1,518. The county with the lowest standardised average rent was Leitrim at 487 per month. The rate of rental growth on an annualised basis was fastest in Limerick at 22 per cent per annum. Rents in Waterford grew at 14 per cent per annum and in Monaghan and Westmeath grew at 13 per cent per annum. The slowest growing rents were in Leitrim which grew at 2 per cent on an annualised basis. Rents grew at 3 per cent per annum in Galway and at 4 per cent per annum in Kerry and Cavan. DUBLIN CORK GALWAY KILDARE WICKLOW AS OF 2017 Q3, THERE WERE FIVE COUNTIES WHERE THE AVERAGE RENT EXCEEDS 1,000 PER MONTH 12

15 Table 8: RTB Rent Index Irish Counties Index 2017Q3 Standardised Average Rent 2017Q3 Standardised Average Rent 2017Q2 Q-o-Q Change (%) Standardised Average Rent 2016Q3 Y-on-Y Change (%) Carlow Cavan Clare Cork 108 1, Donegal Dublin 120 1,518 1, , Galway 113 1, , Kerry Kildare 109 1,114 1, , Kilkenny Laois Leitrim Limerick Longford Louth Mayo Meath Monaghan Offaly Roscommon Sligo Tipperary Waterford Westmeath Wexford Wicklow 103 1,152 1, ,

16 Figure 8: Standardised Average Rents by County, 2017 Q3, 14

17 Figure 9: Year-on-Year Growth Rates by County 15

18 Local Electoral Area Rent Developments Table 9 reports the recent rent growth at the more granular (Local Electoral Area LEA) level. The table also presents the number of quarters where annualised rent increases have been greater than or equal to 7 per cent and how rent levels in each LEA compares to the national average using the standardised rent approach. This standardised average adjusts for any changes over time in the composition of the housing stock. This table is presented to two decimal places as the calculation of LEA to the national average is completed at this level. Table 9: Rent Growth Summary, Standardised Average Rent and Rent Compared to National Average by LEA Quarters >7% 2017 Q3 Local average compared to standard national average National 4 1, Carlow Muinebeag Cavan - Belturbet Bailieborough - Cootehill Ballyjamesduff West Clare Killaloe Shannon Ennis Kanturk - Mallow Fermoy East Cork Cobh 5 1, Ballincollig - Carrigaline 2 1, Bandon - Kinsale West Cork Blarney - Macroom Glenties Letterkenny Inishowen Stranorlar Donegal Conamara Tuam Ballinasloe

19 Quarters >7% 2017 Q3 Local average compared to standard national average Loughrea Athenry - Oranmore Galway City West 2 1, Galway City Central 2 1, Galway City East 3 1, Listowel Tralee Killarney South And West Kerry Maynooth 4 1, Celbridge -Leixlip 1 1, Naas 3 1, Athy Kildare -Newbridge 3 1, Castlecomer Kilkenny City East Piltown Kilkenny Citywest Cork City North Central 4 1, Cork City North East Cork City North West 2 1, Cork City South Central 4 1, Cork City South East 2 1, Cork City South West 2 1, Borris-In-Ossory -Mountmellick Portlaoise Graiguecullen -Portarlington Manorhamilton Ballinamore Carrick-On-Shannon Newcastle West Adare - Rathkeale Cappamore - Kilmallock Limerick City West Limerick City North Limerick Cityeast Granard Ballymahon Longford Dundalk Carlingford Dundalk South

20 Quarters >7% 2017 Q3 Local average compared to standard national average Ardee Drogheda 6 1, Ballina Claremorris Castlebar West Mayo Kells Laytown -Bettystown 6 1, Ashbourne 5 1, Ratoath 4 1, Trim Navan Monaghan Carrickmacross -Castleblayney Ballybay Clones Birr Tullamore Edenderry Boyle Roscommon Athlone (Co. Roscommon LEA) Ballymote Tobercurry Sligo Nenagh Templemore -Thurles Carrick-On-Suir Clonmel Cashel -Tipperary Dungarvan -Lismore Comeragh * * * Tramore Waterford City West Waterford City South Waterford City East Athlone (Co. Westmeath LEA) Mullingar - Kilbeggan Mullingar - Coole Gorey Enniscorthy New Ross Wexford Baltinglass

21 Quarters >7% 2017 Q3 Local average compared to standard national average Bray 2 1, Greystones 3 1, Wicklow 4 1, Arklow Balbriggan 3 1, Swords 3 1, Mulhuddart 2 1, Castleknock 5 1, Howth - Malahide 2 1, Stillorgan 3 2, Dundrum 2 1, Glencullen - Sandyford 4 1, Killiney - Shankill 2 1, Dun Laoghaire 3 1, Blackrock 1 1, Lucan 3 1, Tallaght Central 2 1, Templeogue - Terenure 4 1, Rathfarnham 3 1, Tallaght South 5 1, Clondalkin 5 1, Ballymun 3 1, Cabra - Finglas 5 1, Ballyfermot - Drimnagh 3 1, Crumlin - Kimmage 5 1, Rathgar - Rathmines 3 1, Pembroke - South Dock 2 1, North Inner City 3 1, Clontarf 2 1, Beaumont - Donaghmede 3 1, Note: * indicates that rents in areas with less than 30 observations are not published for statistical reasons. 19

22 Appendix 1: Technical Appendix In the previous report, a technical appendix was provided which gave more details on the methodological approach of the new method as well as providing the rationale for some refinements that have been made since the previous publication. As we move away from using the old index, we have provided these details again for this iteration. As was documented previously, for the new Index, an econometric model is estimated over the entire time period (2007 Q3 to 2017 Q3) which includes characteristic variables for the number of bedrooms, the property type, number of tenants, tenancy length and other characteristics. For these variables, the reference property type is a 2-bedroom apartment, 1 tenant, 10 to 12 month lease, rent paid monthly in a region without a third-level institution. To derive the Index, time dummy variables are then included in the hedonic regression to capture the change in the Index for each LEA. It is necessary to conduct the estimation in this manner as there are not enough registered tenancy agreements (observations) for each LEA to run the model in the rolling manner as per the previous Index. With the new model, the characteristic variables capture the mix of properties across time periods while the time dummies capture changes in the price or rent of a constant quality representative dwelling. A mix adjusted Index is then calculated based on the time dummy coefficients. An assumption of this approach is that the implicit price of characteristics remains constant over time. Given that a separate dummy for each LEA for each quarter is estimated, this necessitates an additional (38 * 137 = 5,206) variables in the model. However, the model can cope with this as using the entire sample results in approximately 1,000,000 observations. Other than these LEA dummies, the new model has all of the other variables currently in the previous model. Consequently, the new model also includes controls for the size and type of house/ apartment, length of tenancy, number of tenants, frequency of rent payment and presence of a third-level institution. As the model is estimated on the full sample with the new quarter s data added each time, it could be the case that coefficients change over time and that this could affect the historical rents. The differences in coefficients between 2017 Q2 and 2017 Q3 are in Table A.1. Given the small number of observations in many of the LEAs, careful data management strategies must be employed to ensure statistical robustness. In line with national statistical good practice, we follow a number of steps in terms of data preparation and estimation. First, to deal with the influence of outliers (extreme values) on the estimates at an LEA area we employ a systematic process to identify and evaluate the effect of such extreme values. The methodology uses Proc GLM (in SAS) to calculate influence statistics for each observation. This process uses the Cook s Distance statistic. The conventional cut off for Cook s D is 4/Number of observations, this is used identify the extreme values in the dataset. Given the inclusion of accurate LEA identifiers, outlier analysis is carried out for the Rent per Month for each property separately for each of the 137 LEAs. For the outlier checks each property is classified as an apartment or not. The Start Quarter for each rental agreement is used as the covariate variable in the regression analysis. This methodology is different from that used in the 2016 Q4 Index and has led to some revisions in the historical estimates. 20

23 Table A.1: Comparison of Model Estimates LEA Model Q Coefficient LEA Model Q Coefficient 1 Bedroom Bedrooms Bedrooms bedrooms Detached Semi-Det Terrace Other Property Part House Tenants Tenants Tenants months tenancy months tenancy Over 1 year tenancy Fortnightly rent Yearly rent Quarterly rent Third level Time * LEA Yes Yes Adjusted R-squared Observations 1,011,462 1,003,158 The methodology generates an Index of rent growth. From 2017 Q1, the Index is based in 2007 Q4 for each LEA. To estimate current standardised rent levels in each LEA (i.e. rent levels that take into account the different composition of rental properties), we apply the growth rate generated by the model to an initial average value of rents in each LEA. These are compared to a national average rent (as in Table 1) from 2007 Q4. The base rents for 2007 Q4 are taken as per the initial LEA model presented for the 2016 Q4 iteration of the model and outlined in Lawless et al. (2017). A number of points should be noted with the methodology. First, for each quarter, the new tenancy agreements are added to the dataset and the Index is estimated again from scratch. Furthermore, where late tenancies have been registered with the RTB after the publication of a previous report but relate to historical time periods, these will be included in the updated Index thus allowing for retrospective revisions of historical growth rates as would be the case with other national statistical producers. With any econometric analysis, the number of observations included in the analysis will differ from the actual number of registered tenancies that is reported by the RTB. This is due to a range of factors including missing information for key variables in the analysis, the removal of outliers which drops certain information and other data processes needed for regression work. 21

24 Given the small number of observations in many LEAs, it is not unexpected that there could be some volatility in the average rents, growth rates and Index number over time. This is due to the fact that where there are a small number of observations for an LEA, minor fluctuations in the number of observations can have a large influence on estimates and, over time, changes to the number, structure, and type of agreements can lead to large quarter-on-quarter changes. It could also be the case that the retrospective addition of late registered tenancies can have a large effect on the sample size for some areas. In this regard, large revisions and considerable swings in estimated standardised rents can occur for different LEAs. The inclusion of additional observations may also change some of the base coefficients if changes in composition occur. Approximately 30,000 observations have been included in the regression for 2017 Q3 (out of a total of 1,000,000 in the full regression). In this iteration of the report, new models were estimated for the county level, the national house and apartment split as well as the Greater Dublin Area excluding Dublin, cities and the rest of the county. Each iteration of tables presented in the report is taken from different regression results. A more detailed description of these results is available on request from the ESRI. For Dublin, the figures presented throughout are taken from the county-level model. The analysis in report does not make any seasonal adjustment to rent levels. Highly seasonal patterns are noticeable in the data and any interpretation of the results should be cognisant of this. 22

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26 Contact us PO Box 47 Clonakilty County Cork The RTB Rent Index is produced by the ESRI based on anonymised data supplied by the RTB. It is produced using a hedonic regression. Details on the methodology are available from and There may be revisions to earlier quarters due to retrospective registrations. Historic time series for the index and the rent values are also available at the websites. Average rents for different property types, sizes and locations are available on the RTB website. Produced in conjunction with the ESRI.