Rents in Dublin increased by 8.9 per cent during the final three months of last year, compared to the same time in 2020.
The average listed rent is now €2056 according to a new report from daft.ie. That's up 100% from its lowest point in 2011.
Meanwhile, the availability of rental homes in the capital has collapsed over the last 12 months, with just 712 live rental ads on February 1st, the lowest on record. Nationally the figure was 1,397.
Nationwide rents in the final quarter of 2021 were an average of 10.3% higher than the same period in 2020, according to the latest Rental Report.
Ronan Lyons, Associate Professor of Economics at Trinity College Dublin and author of the Daft Report, said;
"The strong rebound in economic activity, as public health restrictions relax, has translated into strong demand for rental accommodation. Coming at a time of very weak rental supply, this has pushed rents up further, with inflation at its highest rate nationwide since early 2018."
Meanwhile, so-called Cuckoo funds are outbidding house hunters and pushing up property prices even further.
The Irish Independent reports that figures show institutional buyers are paying a premium of as much as 32% for each house they bought last year.
A report from BNP Paribas Real Estate found that large investors paid €2.27 billion for almost 4,900 private rented units last year, or an average of almost €430 thousand per unit.
That's €104 thousand more than the €325 thousand average paid by home buyers in the 11 months to the end of November last.