Rents at record high as rental supply reaches all time low

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This is an increase of 4.6 per cent compared to the previous quarter.

Rents in Dublin have now shot up by 66pc from their lowest point, with a surge of 41pc outside our biggest city.

Meath is now the fourth most expensive county in the country to rent in, behind Dublin, Kildare and Wicklow.

The report notes: "In Dublin, rents are now an average of 15.4% above their previous peak while in Cork and Galway cities, rents are 9.7% and 17.8% above levels recorded nine years ago".

The cheapest place to rent anywhere in the country is Leitrim, where the average monthly rent is just €517, likely less than one would pay for a single room in the capital.

Author of the Daft.ie report and Trinity College lecturer Ronan Lyons said: "The rental market has, for over five years now, shown increasing signs of distress, with stronger demand but weaker supply each year".

Rents rose nationwide by an average of 13.4% in the year to March 2017, according to Daft.ie.

Nationally, there were just 3,084 properties to rent at the beginning of this month.

"Sitting tenants now enjoy not only a discount relative to the market rent but also protection of that lower rent into the future".

Mr Lyons said the introduction of rent pressure zones by the Government can only ever have a limited effect in a market with such little supply.

"The more appropriate solution remains to increase supply".

This is further highlighting the housing shortage the country is seeing, with just 3,084 properties available to rent nationwide on May 1st. "This includes both making better use of the existing stock of housing and building substantially more, in particular more apartments".

Donegal had the highest year to year increase of any county on the Connacht/Ulster region.

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