Ms Caren Gallagher:

I will make a few points. I stress that the RTB rent index report is not a measure of compliance. It just reports on the data set we analyse. We introduced annual registration in April this year and once we complete the first cycle in the middle of next year, we will be able to report on rents in existing tenancies. This is a piece of work we are looking at in conjunction with the ESRI as we will have visibility across the sector. At the moment, the RTB rent index report is a measure of the standardised average rent in approximately 12,000 tenancies in the cohort I explained. We will soon have the breadth of rental analysis across existing tenancies and it will show the differences in the rents for tenancies that have been in place for a longer time. We will be looking at a new index once we get through this cycle of annual registration.