Rent rose by almost 10% nationally, while rent in Dublin is has reached a record high.
The cost of renting private accommodation in Ireland rose by nearly 10% in Ireland in the second quarter of 2016 compared with the same period in 2015, according to the latest figures from the Quarterly Rent Index, compiled by the Economic and Social Research Institute (ESRI) on behalf of the Residential Tenancies Board (RTB).
The figures showed that, nationally, the average monthly cost of renting a home rose from €859 to €956 from the second quarter of 2015 to the second quarter of this year.
The cost of renting a house rose from €850 to €929 per month in that period, a rise of 9.3%, while apartment rents were 11.7% higher than in the same quarter of 2015, up from €908 to €1,014.
In light of a renting situation that is reaching crisis point in Dublin, meanwhile, it has emerged that the cost of renting in the capital rose by 9%, with the annual cost of renting in Dublin increasing by €1,356 annually over the course of the last 12 months, or approximately €113 per month.
Monthly rent for houses outside Dublin increased by 9.9% (from €688 to €756), while apartments outside Dublin experienced an increase of 12.7% (€647 up to €729).
The strength of the rent rises in Dublin, meanwhile, means that rents are now 3.9% higher than their previous peak in the fourth quarter of 2007.
You can check out the RTB report in full here.
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