Ireland’s average rent has hit a new record high of over €1,400 a month.

According to the latest rental report from Daft.ie, rents rose by 5.2% around the country in the first nine months of the year.

It means Irish renters are now paying around €660 a month more than they were in 2011 and €373 per month more than they were during the previous peak in 2008

Meanwhile, rents have hit new record highs in every quarter for the last three-and-a-half years.

The average rent in Dublin now sits at €2,044 up 104% from the 2011 low.

Dublin 4 remains the most expensive place in the country to rent at around €2,500 while Leitrim is the cheapest at around €616 a month.

Rent rises and inflation. Image: Daft.ie

Report author Ronan Lyons told Newstalk that, despite the high figures, rental inflation is at its lowest level in six years.

“Whatever is happening, the number of rental ads coming on to the market is still incredible low but the availability has improved a bit,” he said. “So people are finding other options.”

“Whether it is staying at home because things are too expensive, moving into sale and owner-occupied homes if they are at that stage in life or indeed living in new purpose-built student accommodation, people are finding other ways of finding somewhere to live.”

Dublin rent increases

Rents in Dublin have risen every quarter for over eight years; however this quarter was the slowest since 2012.

There has also been a slow-down in inflation in the rest of the Leinster and in many cities around the country.

Mr Lyons said that despite an increase in the number of homes available to rent, there are still only 3,500 advertised for the whole country.

He said the market could face another decade of high rents.

“Over the last decade, Ireland’s rental market has experienced a persistent and worsening shortage,” he said.

“Only in recent months have signs emerged of any improvement in this situation.

“As has been the case throughout the last ten years, there is no quick-fix regulatory solution for the sector.

“Rather, fixing it will involve the construction of tens of thousands of new rental homes every year for the foreseeable future.”

The most expensive and cheapest rents in the country. Image: Daft.ie

The average rents in Ireland are now:

• Dublin: €2,044, up 3.9%
• Cork: €1,372, up 5.5%
• Galway: €1,299, up 5.9%
• Limerick: €1,219, up 5.9%
• Waterford: €1,007, up 5.5%
• Rest of the country: €1,001, up 6.8% accommodation nationwide.