Cost of national average rent in Ireland is now almost €1,100 per month; it's well over €1,500 per month in Dublin
The figure in Dublin has increased by €130 since last year.
According to the Residential Tenancies Board, the national standardised average rent is now €1,094, an increase of €77 per month since last year.
The same report showed that average rent in Dublin is now €1,587, almost €500 more than the national average, and an increase of almost €130 since last year.
Average rent in the Greater Dublin Area, which includes Wicklow, Kildare and Meath, comes in at €1,118, with the average outside the GDA coming in at €817.
On a quarter-on-quarter basis, the rental price inflation increased in Q2 2018 to 3.4% up from 2.7% one year earlier.
The report suggests that national growth rates are being heavily influenced by Dublin and the Greater Dublin Area, which account for under half of all tenancy agreements.
Commenting on the results of the survey, Rosalind Carroll, Director of the Residential Tenancies Board said: “Affordability remains a significant issue in the rental market with continued economic and population growth contributing to rising demand. We can see rents have continued to increase with growth rates back up in Dublin.
"However, additional analysis carried out in this rent index, gives us more insight into what is driving growth, particularly in Rent Pressure Zones. We have developed a new indicator to allow us to separate rental data for new tenancies and existing tenancies, or tenancies that are being renewed.
"This found that the rate of rental inflation year-on-year for existing tenancies was 4.9% just over half of the rate for new tenancies, which is 8.4%. This shows that rent inflation in existing tenancies is more in line with what we would expect to see in Rent Pressure Zones.”
“New lettings show a larger increase year-on-year, exemptions from RPZs will explain some of this. However, it is also clear that this market must continue to be monitored and it underscores the importance of the proposed legislation in this area.”
"This new data is important in assisting the RTB to prepare for the new enforcement powers which it is hoped will be introduced before the end of the year. This will allow the RTB to investigate and apply sanctions where there are contraventions to the rent restrictions in Rent Pressure Zones.”
You can have a look at the report in full here.