The average rent sought for a home nationally was a record 14.1% higher during the period between July and September than it was during the same three months last year, new data from letting website Daft.ie shows.
On average across the country the listed monthly rent for a residential property hit €1,688, up 4.3% on the previous quarter - by far the largest quarterly increase on record going back to 2006.
"Over the past 20 years, the best predictor of future changes in rents is the number of homes available at any particular point in time," said Ronan Lyons, Associate Professor of Economics at Trinity College Dublin and author of the report
"As that has collapsed over the past 18 months, it was apparent that there would be significant upward pressure on rents all across the country," he said.
"This has been confirmed in these latest figures, which show record quarterly and annual increases in market rents, despite rents already being at very high levels," he added.
Across the country, there were just 1,087 homes available to rent on the platform on 1 November, according to Daft.
That is a reduction of around a quarter on the same date one year ago and a quarter of the average level of availability between 2015 and 2019.
At 14.1% the annual rate of asking price inflation is the highest increase recorded since Daft began reporting on rents in 2006.
The 4.3% increase between the second and third quarters is also the largest jump between two consecutive quarterly periods.
Regionally the largest annual increase was recorded in Waterford city, where rents sought rose by 17.4% between July and September, when compared to the same period last year.
That was followed closely by Limerick City where the increase was 17.1% and then Galway City at 16.4%.
In the capital the annual rate of increase was 14.3%, leaving the average asking monthly rent at €2,258.
"Government policy recognised a few years ago that supply of new rental homes was critical to addressing the shortage," Mr Lyons said.
"However, there are signs that the Government plans to scrap the build-to-rent planning classification."
"The BTR system had helped generate a pipeline of tens of thousands of new rental homes that are now coming on stream and represent the best hope for alleviating the chronic shortages in the rental market."
"If the BTR system is to go, policymakers must have a clear plan on how tens of thousands of new rental homes will be delivered this decade in all major towns and cities."
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The report also found that on average the rents paid by sitting tenants have risen by 2.5% over the past year.
Rents of sitting tenants have risen by an average of 17% since Rent Pressure Zones were introduced by the Government in 2016, compared to open market rents jumping by 75% over the same period.
Speaking on RTÉ's Morning Ireland, Trinity College economist Ronan Lyon said by and large the increases are the same across the country.
He said there has been some increase in available properties since the previous report, but the number of rentals is still way below need.
"There were about 1,500 a year ago, and that 1,500 number was very low compared to what would have been normal over the last 10 years. And even normal over the last 10 years was low compared to what the market needed, so that's the fundamental problem," he stated.
Mr Lyons said the Government needs to have a Plan B.
"We've tried a policy over the last 10 or 12 years of not increasing a rental stock that has clearly failed. We need desperately to increase the rental stock available in this country, and that's not at the expense of increasing owner-occupied stock or social housing but in addition to," he said.
He said the fundamental issue is why new properties are not coming on stream, adding that is due to the costs of building.
He said that the Government has to get involved and interested in the specifics of building a home and figure out what it is that makes Ireland such an expensive place to build a home.
"It's not going to be an easy fix and there won't be an overnight solution," he said.