Rents are continuing to rise at record rates.
The latest Daft.ie report found the average rent between July and September was €1,698 per month - a 14.1% increase on the same time last year.
It's the highest increase recorded by the property listings website since it started compiling the reports in 2006.
In Dublin, the average rent was €2,258 with only 45 live rental ads on November 1st, which the website says is by far the lowest on record for this time of year.
Average rents, and year-on-year change, 2022 Q3 - Daft.ie
- Dublin: €2,258, up 14.3% year-on-year
- Cork city: €1,708, up 12.1%
- Galway city: €1,713, up 16.4%
- Limerick city: €1,604, up 17.1%
- Waterford city: €1,357, up 17.4%
- Rest of the country: €1,318, up 13.8%
Market rents in the third quarter of 2022 were, on average across the country, 14.1% higher than a year previously - the strongest year-on-year increase in market rents since the Daft Report was launched in 2005. Read more here 👉 https://t.co/c3f9DJnSF7 pic.twitter.com/A91XYaW4dj
— Daft.ie (@daftmedia) November 22, 2022
Economist and author of the Daft.ie report Ronan Lyons, says a continuing lack of supply is causing rents to rise.
Nationally, only 1,087 properties were available to rent on November 1st - down one quarter on the same date a year ago and roughly a quarter of the average level of availability during 2015-2019.