The largest increase on record.
If you're renting a house in Ireland you'll know how tough the market is at the moment but a new report makes for frightening reading.
The latest figures from property website
Daft.ie show a 13.5% increase in average rents around the country last year which means rents are rising at their fastest rate in at least 14 years.
It is the highest jump recorded since the site starting publishing its quarterly rental reports in 2002.
Here's a breakdown of the average rent prices and the percentage increases in the last 12 months.
- Dublin: €1,643, up 14.5%
- Cork: €1,096, up 12.0%
- Galway: €975, up 10.0%
- Limerick: €875, up 12.5%
- Waterford: €745, up 10.7%
- Rest of the country: €783, up 12.5%
Ronan Lyons, an economist at Trinity College Dublin, is the author of the Daft Report. He says.
"The latest figures from the rental market remain very concerning. Not only do rents continue to reach new peaks, rental inflation continues to increase in both Dublin and nationwide. The increase in rents in the final three months of the year in Dublin was 4%, the second fastest three-month increase on record."
The report also says there were just under 4,000 properties available to rent nationwide on February 1st which is a little higher than this time last year.
