The number of homes to rent across Ireland has dropped to an “all-time low” according to Daft.ie.

In its latest quarterly rental report, there were just 1,460 homes available to rent on 1 November. This is the lowest amount of properties available to rent since Daft began tracking availability in January 2006.

In Dublin there were only 820 properties available to rent. This is the first time that the rental stock in the capital has dropped below 1,000. This has led to rental prices in Dublin increasing 2.7% on a year-on-year basis.

Increases are even steeper across other cities with a year-on-year jump of 6.9% recorded in Cork, 8.3% in Galway, 8.9% in Limerick and 10% in Waterford.

The average rent nationally now stands at €1,516 per month. This is a spike of 6.8%.

Excluding the cities, the average rent across the country stands at €1,153, an increase of 11.9% on last year. In Mayo, Roscommon and Leitrim rents rose by over 20% on a year-on-year basis.

The Daft report notes that the increase in rents “reflects an on-going and unprecedented scarcity of rental homes”.

The full Daft.ie report can be found here.

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