Rents in Galway City have almost doubled in the past seven years since their lowest point in 2012 according to Daft.ie
The latest rental report from Daft shows that average rents in Galway city were €1,260 in the first quarter of this year, 91.4 percent higher than their lowest levels in 2012.
Galway County has also seen a startling increase of 77.5 percent in the cost of private rental accommodation in the past seven years, currently standing at an average of €906.
Compared with their highest level in in the past 10 years, the cost of rent in Galway city is still nearly 50 percent higher than at the beginning of 2008, while the county is.
The latest daft rental report showed that rent in Galway went up by 2 percent in the first three months of this year, with a year on year increase of 11.4 percent in the city and 16.6 percent in Galway county.
Economist Ronan Lyons who complied this report said that the Irish rental sector remains “starved of supply” and that this is driving up prices.
On May 1 there were just 2,700 rental properties available in Ireland according to Daft.ie, the lowest number since the beginning of 2006.
“This is the lowest ever figure for stock on the market, in a series that goes back to the start of 2006,” said economist Ronan Lyons who compiled this report.
“The length of this series allows us to put the current rental shortage into perspective. During the Celtic Tiger period, rental stock bottomed out at just under 4,400 in early 2007.”
Nationwide the average cost to rent is now €1,366, up by 1.5 percent this year, with the highest costs in South County Dublin at €2,190.
Outside of the capital the most expensive places to rent are Wexford (€1,383), Cork City (€1,331), Kildare (€1,314) and Meath (€1,299).