The figures from today’s Daft.ie Rental Price Report do not make for happy reading for tenants, those worried about homelessness and those whose focus is national competitiveness.
Having fallen for almost three years between 2008 and 2011, and then largely treading water until late 2012, national rents have now risen for 21 consecutive quarters.
In Galway, the average rent in the third quarter of this year is €1,057, up more than 14% since last year, with the average rent being €751.
The average rent for a double room in the city is 476 euro and is marginally cheaper in the suburbs.
Across the rest of the country, rents across have peaked to a new all-time high of €1,200 per month.
Ronan Lyons of Daft.ie said: “Those who campaign for improved housing outcomes – from fewer people homeless to better standards in rental accommodation – need to realise that the solution to all these is more supply. More supply improves availability, lowers rents and shifts bargaining power towards the renter.
“To build more supply, both profit and non-profit housing organisations need to be able to cover costs. That is where policymakers need to focus. But it will take time.”
