A new report by Daft.ie said the increase was due to “chronic and worsening” supply shortages.
The lowest number of homes to rent “on record” are currently available outside Dublin as prices have soared outside the capital.
The latest report from Daft.ie shows that, on average, rents in Dublin increased by around 0.5% in the past year, while the increase in other counties stood at 5.6%.
In some areas, there were increases in the double-digits as Munster saw an increase of 14% and there was a 15% increase in Connacht-Ulster.
The report shows there were just 2,455 homes available to rent on 1 August, the “lowest on record” according to the report. The report authors have cited “lack of supply” as the reasoning behind the rent increases.
The number of places available to rent outside of Dublin was described as “an extraordinarily low figure for a country of Ireland’s size”.
The least and most expensive cities to rent in Ireland according to the report are as follows:
Least expensive:
Leitrim – €695 P/M
Donegal – €744 P/M
Longford – €812 P/M
Roscommon – €892 P/M
Most expensive:
South County Dublin – €2,244 P/M
South Dublin City – €2,137 P/M
Dublin City Centre – €1,985 P/M
North Dublin City – €1,980 P/M
Ronan Lyons, author of the report and an economist at Trinity College Dublin, told Newstalk Breakfast on Tuesday that there are currently “record increases” in rent outside of Dublin.
“In Dublin, rents are just about higher – about 0.5% higher than a year ago. In the second half of 2020, rents were falling, and they’ve been rising the last six months or so,” he said.
“In the rest of the country, however, we’re seeing effectively record increases in rents. To take one county, in Kerry rents are 16.5% higher than they were a year ago – there’s nothing like that in the 15 years of the Daft report.
“It’s a story that’s repeated across rural Ireland… and it’s really a story of a lack of supply.”
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