Rents on the rise, says report

The cost of renting is getting more expensive, the latest report has revealed.

According to the study, average rental prices rose 0.8% nationally.

In Dublin, rents increased by 2.8% during the past three months, while the cost of rent in other parts of the country varied.

Rental prices went up by 2.2% to €791 in Galway and Limerick, while the cost of renting decreased by 4% in Waterford.

In Cork, average rental prices remained largely stable at €867 (-0.4%). economist Ronan Lyons said that the number of people renting has increased dramatically in the past five years and that is causing the cost of rent to soar in some parts of the country.

"Over the last 18 months, there's been a dramatic reduction in the number of properties available to rent in Dublin, and that goes hand-in-hand with a big increase in the number of people renting for the last five years," he said.

"So conditions are quite tight, particularly the would-have-been-first-time-buyer segment, people who perhaps, in other circumstances, would have bought and are now looking at renting family homes until the market stabilises."

"They're finding supply quite tight."

Most Read in Ireland