Average house rental prices have fallen to their lowest levels in almost a decade, according to new research published this morning.
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According to property website DAFT.ie, the national average rent now stands at €771 a month, drop from over €1,000 a year ago.
Average rents fell by a further 4% in the last three months and by almost 18.5% in the last 12 months.
DAFT conducted its research among properties advertised on its website, which it claims advertises the bulk of available for-let properties across the country.
This report finds the fall in rents in the big cities has been acute and appears to be continuing despite sharp fall in supply - 8% fewer properties in the last three months alone.
In Dublin rents have fallen almost 21% since this time last year, compared to average falls across the country of 18.5%.
Compared to their February 2008 peak, Dublin rents have fallen by almost a quarter - and by even more than that in the city centre.
The average peak to trough reduction across the country is 15.6% but the decline has been steeper in Cork, Limerick and Waterford cities.
Galway City stands out as having bucked the trend in recent times with rents increasing almost 0.5% in the last quarter.
