A new report from property website Daft.ie indicates that average residential rents have increased by 6.6% in the past 12 months, with the average monthly rent at an all-time high of over €1,400.
The report says that the rent of a one bedroomed dwelling ranges from €1,135 in Dublin city centre (Dublin 1) to €770 in Cork city. Rents for three bedroomed houses range from €2,017 in Dublin city centre to €1,164 in Cork city.
Daft says the rent rise comes at a time when many areas across the country have been experiencing falling house prices.
It says this had led to a scenario in certain areas in Dublin and Limerick, where the cost of buying a property is the same as the cost of renting one.
However, Daft says that the trend of increasing rents may not continue, as the rate of growth has slowed to single digits and the supply of rental property has never been higher.
