It now costs an average of 30% more to rent in Ireland than it did at the peak of the Celtic Tiger.
The latest Daft.ie Rental Report has found that rents have hit a new all-time high for the tenth consecutive quarter in a row.
The average national rent is now over €1,300 – an increase of 11.3% this year alone.
The €1,334 average is now €304 per month higher than the 2008 peak and over €590 higher than the low in late 2011.
In Dublin that average advertised rent is up 96% from its lowest point in 2011. Rents in the capital have risen by an average of 10.9% over the past year.
The author of the report, economist Ronan Lyons, said there was a big difference between in rate of inflation around the country.
“The strongest growth in rents we have seen is in Limerick and Waterford Cities – where inflation is close to 20% year-on-year,” he said.
“Now they are two of the cheapest cities in Ireland – of the five cities.
“So, what we are probably seeing is an element here of catch-up; those cities saw their rents bottom out last and they are lowest so some increase there may have been expected.
“But still 20% year-on-year is a dramatic increase, especially if that continues.
“Other cities, including Dublin, Cork and Galway are also seeing strong rental growth – and they are places that have seen rents increase for longer.”
The 3,214 properties up for rent on November 1st marks a 4.5% decrease on the same time last year and id the lowest total on record since 2006.
There was however, an increase in availability in Dublin.
Daft spokesperson Martin Clancy said demand is continuing to increase online – with an average of 1,000 property searches taking place every minute on the website.
