The average cost of rent in Ireland is now at its highest since 2008 6 years ago

The average cost of rent in Ireland is now at its highest since 2008

This doesn't make for pretty reading.

For the first time in eight years, the average rent in Ireland is above €1,000, while supply is at its lowest number on record, as reported by Daft.ie.

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While the average rent in Dublin is now 1.3% higher than its previous peak in 2008, Cork is currently suffering the most, with rent rising by an eye-watering 16% in the Rebel county over the last year.

Cork may have the unwanted tag of the highest rate of rent inflation at present, but it is joined by many a county in rapidly rising rent prices.

Daft rent

For instance, Limerick rent is up 12.4% in the past 12 months, with Waterford's increasing by 11.1% and Galway seeing a 12.2% increase in rent.

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Combine these stats with the fact that, as of May 1, supply is at an all-time low. Just over 3,000 properties are available for rent nationwide at present, compared to 4,300 six years.

Speaking about the findings, Ronan Lyons, economist at TCD, said:

“The severe shortage of rental accommodation has worsened in the last three months, a phenomenon reflected in rapidly rising rents in all parts of the country," said the author of the report.

"With the formation of a new government, a top priority must be to address the lack of housing of all kinds, including homes to rent.

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"This involves understanding the costs of construction, which are out of line with average incomes.”