Dublin: Rents in Ireland have surged to their highest levels since records began, rising by 3.4% in the first quarter of 2024, according to the latest Daft.ie report. The national average rent now stands at €2,023 per month—nearly three times the low of €765 recorded in 2011 and €200 more than this time last year.
The report highlights a growing rental crisis, with Dublin rents up 5.8% year on year and rents outside the capital increasing by 8.6%. Limerick saw the steepest annual rise, jumping over 20% to €2,405. Other notable increases occurred in Cork (13.6%) and Galway (12.6%).
Rental supply remains critically low, with just over 2,300 properties available nationwide on May 1—a 14% annual drop and among the lowest figures for May in two decades.
Report author and TCD economist Prof. Ronan Lyons attributes the persistent rent increases to a worsening housing shortage, exacerbated by policy changes in 2021 that reduced investment in rental development. He urged the government to reform rent controls and incentivise new rental supply, particularly outside Greater Dublin.
Despite a slight moderation in rent inflation compared to recent years, affordability remains a significant issue, with demand continuing to outpace supply across the country.
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