Rents across the country have reached record levels with Cavan and Monaghan seeing hikes of 21% and 15% respectively. Galway, Limerick and Waterford are experiencing increases of between 16% and 17%.
On average they were 14.1 percent higher nationally in the third quarter of this year when compared to the same period last year The average market rent nationwide between July and September was €1,698 per month, 120 percent above the low of €765 per month seen in late 2011.
The figures contained in the latest Daft.ie Rental Price Report reveal the 14.1 per cent national increase is the highest ever recorded since since the reports launch in 2006. Economist and author of the report Ronan Lyons said rental prices will only stabilise and reduce when a greater number of rental homes are built by the Government
"We are in a country that is missing something like 150,000 rental homes and maybe 30,000 or 40,000 will get built in the next five years which is not nearly enough. So, we are not really addressing the underlining issue which is the lack of rental homes," added Mr Lyons.
