An extreme shortage of rental homes has brought record increases in rent.
That’s according to the latest reports from daft.ie
The report details that market rents in the third quarter of 2022 were averaging 14.1% higher than the same period in 2021.
More locally, rents in Connacht rose 16.9% year-on-year, with just 138 homes available to rent on November 1.
In Mayo, market rents were on average 18.5% higher in the third quarter of this year than in 2021.
The average listed rent is now at €1,059 – which is up 104% from its lowest point.
Since the launch of the daft.ie report in 2006, the current rate of inflation is the highest recorded at 14.1% nationally.
The rate of inflation for rent in Galway City was higher than the national average, at 16.4% (€1,713).