Irish renters’ share of rent spending sixth highest in the world – study

The cost of rent for Irish people as a percentage of their total monthly expenses is the sixth highest in the world, according to a study by Money.co.uk.

Renters in the Republic spend 37.2% of their monthly spending on rent, a proportion that is higher only in Hong Kong, Singapore, Qatar, United Arab Emirates and Kuwait, Money.co said .uk.

His conclusion is based on statistics from the Numbeo cost of living database and compares the average cost of renting a three bedroom property in more than 50 developed countries around the world as well as other costs of living. for a family of four.

The figures put the average cost of rents in the Republic at € 1,756 and other monthly living expenses estimated at € 2,961, leading to total monthly expenses of € 4,717.

The study follows research published recently by the Residential Tenancies Board (RTB), which found that half of tenants spend more than 30 percent of their take-home pay on rent, while 12 percent spend more than half of their income to rent.

Renters pay an average of 36% of their net income on rent, according to the RTB, with the figure rising to 64% in the greater Dublin area.

According to Money.co.uk, Hong Kong is the only country where the average person actually pays more for their rent than the rest of their living expenses combined.

Rent accounts for 50.25% of total monthly spending in Hong Kong, he said, followed by 47% in Singapore and nearly 44% in Qatar.

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