Dublin will need around 200 new apartment units every week for the next 60 years to cope with housing demand, according to a new report.
The latest Daft.ie rental report warns that the average rent around the country has hit yet another record high.
The report reveals that average monthly rent nationwide is now at €1,261 – up 11.5% in the year to the end of March.
Rents in Dublin are up 12.4% since the same time last year - at an average of €1,875.
It marks the eight consecutive quarter that has seen a new all-time high recorded – with annual rises consistently above 10%.
Monthly rents are €232 more than they were at their pre-crisis peak in 2008.
Trinity economist Ronan Lyons, the author of the report, said the rental crisis is “countrywide, although it is certainly most acute in Dublin.”
“It is clear that, for those who have to look for a new home in the open market, rental inflation remains well above any reasonable measure of health,” he said.
“But as ever, rents are only the symptom.
“The cause remains a chronic and worsening lack of rental supply.
“Policy must focus on dramatically increasing the construction of urban apartments over the coming years, in order to meet both the backlog of demand and the country’s needs over coming years and decades.”
Mr Lyons warned that there is no sign of the increases slowing down – with the number of properties available to rent around the country at its lowest level since Daft began publishing its report in 2006.
In Dublin, there were just 1,265 homes available to rent in April, 33% less than the average recorded over the last five years.
There were 3,086 properties available to rent nationwide – marking a 17% decrease on the same time last year.
The Housing charity Threshold has warned that the continuing rises show that the Government’s Rent Pressure Zone legislation is not working.
It said the penalties that are currently in place are not acting as a deterrent to landlords who are intent on ending tenancies in order to substantially increase rent.
Threshold chairperson Aideen Hayden said it is impossible to enforce without making price information easily accessible on a rental register.
Average rents, and year-on-year change, Q1 2018
- Dublin: €1,875, up 12.4%
- Cork: €1,210, up 9.3%
- Galway: €1,131, up 13.6%
- Limerick: €1,044, up 17.1%
- Waterford: €868, up 14.6%
- Rest of the country: €883, up 10.1%