Rents are rising at the fastest rate on record.

The latest quarterly report by Daft.ie shows rents rose nationwide by an average of 13.5 per cent last year.

Communications manager for Daft.ie, Martin Clancy, says it's the largest annual increase in rents they've ever recorded and their records extend back to 2002:

The Simon Communities in Ireland say the figures are 'extremely worrying'.

Spokesperson Niamh Randall says spiraling rents and dwindling supply are preventing people from finding and sustaining affordable homes within the rental market: