Ms Rosalind Carroll:

That is a new tenancy that has commenced and the rent of the new tenancy as being registered. In some cases, because it has gone through a four-year cycle, it might be a re-registration. Our tenancy system was, up until the recent legislation, based on a four-year cycle. What is called a further part 4 is actually a new tenancy and that will capture some existing tenancies. However, because most of our tenancies do not last for four years, primarily it will just be new tenancies. We believe that this data is far more accurate because landlords do not have an obligation to inform us of reviews in rents. Apart from that, traditionally average rents within existing tenancies tend to be lower because not all landlords review rents and bring them to the maximum. They would be much more inclined to do that at the point of a new tenancy. It is, therefore, a more accurate way to reflect that. The €909 figure would probably be higher than if one were to use new and existing tenancies to calculate an average.