JUST over 250 properties have been used to calculate average rents in Clane on the Rental Tenancies Board site in Clane, that body has told the Leader.
In February, we asked the RTB a number of questions on how the rents were calculated the Maynooth Electoral Area, which includes Clane, Kilcock and Maynooth town, was not designated a Rental Pressure Zone.
That has since changed following the calculations done for Q4 2016.
On February 22, we asked the RTB about the number of observations or properties (presumably collected by the Eircodes) used in the Maynooth LEA to calculate the rents, and the number used for the individual areas including Clane on the RTB Index site.
Pádraig McGoldric, RTB Assistant Director, Finance, Registrations & Strategic Projects, said the calculation of Rent Pressure Zone was based on the existing hedonic regression model used for the rent index which was amended to take account of the new LEA information based on Eircodes.
“The existing model used rolling data going back over six quarters and the new model is a pooled approach using all data since 2007 in one estimation to ensure there were enough observations to generate satisfactory results. The total number of observations in the Maynooth LEA, incorporating Maynooth, Kilcock and Clane in Q3 2016 was 278.”
Mr McGoldrick continued:“These observations are based on just the new tenancies registered with the RTB with a commencement date in Q3 2016. The number of observations included in the simple average data set published on the CSO site are based on a larger number of observations for Q3 2016 - Clane 254, Kilcock 199 and Maynooth 523. These observations are for all tenancies in these towns still active in the RTB dataset for that quarter no matter when the commencement date was. In addition, it must be noted that these town identifiers are not drawn from the Eircodes, they are extracted from the address fields.
He said above the standardised rents applied in the Rent Index and LEA Rent Pressure Zone and the approach applied to the simple average data set published with the CSO are quite different.”