Average rents in Ireland have increased by 82% since 2010.
That compares to Eurostat figures, which show rents have increased by an average of 18% across the EU between 2010 and Q2 2022.
House prices in Ireland increased by 55% in the same period, compared to a 55% average across EU countries.
Brian Hayes, Chief Executive of the Banking and Payments Federation of Ireland, says the latest figures show average monthly mortgage repayments are cheaper than paying rent. "For example, the average first time buyer monthly mortgage payment was just over €1,000 during the first half of 2021 compared with the average monthly rent of over €1,400 at the national level, with the gap being significantly higher in Dublin.”
Mr Hayes says the latest figures also show the construction of new housing isn't keeping pace with demand, "between 2011 and 2022, the population in Ireland increased by over half a million people whereas housing output grew by only 130,000 units."
"Meanwhile, in terms of population growth, the latest Census figures from the CSO show that, between 2016 and 2022, the housing stock increased by over 120,000 whereas population growth during the same period was over 360,000."