Rents being sought on the open market in the final three months of 2022 were 13.7% higher than the same period in the prior year, the latest rental report from the property website Daft shows
At €1,733 per month, the average rent at the end of last year was 126% higher than the low point of €765 in late 2011.Rental inflation is being driven primarily by a lack of supply of rental properties.
"That figure from 2022 was itself a complete outlier in a series that stretches back to 2006," Ronan Lyons, Associate Professor of Economics at Trinity College Dublin and author of the Daft Report said. The supply of new rental properties was the only real solution to the shortage of rental homes, he concluded.
All parts of the country are experiencing substantial year-on-year open market rent increases, albeit with regional differences, the report shows.
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