Rents nationally have hit an all time high, with a chronic shortage of rental properties to blame.

The latest Daft.ie report shows rental prices surged by 12.6% in the second three months of this year when compared to the same period last year.

It's the highest price rise since Daft first began compiling records 16 years ago.

Supply of rental properties is also at its lowest since 2006, with only 716 homes available to rent in the entire country on the 1st of August,  while there were only 292 live rental ads for homes in Dublin, a new record low.

The national average rent is now 1,618 euro a month, in Dublin it's 2,170.

Rents in Connacht rose 15.6% year-on-year, reflecting very low availability - just 65 homes were available to rent on August 1, down 36% compared to a year ago.

In Mayo, market rents were on average 16% higher in the second quarter of 2022 than a year previously. The average listed rent in Mayo is now €983 per month.

Economist and author of the Daft.ie report Ronan Lyonssays the shortage of supply will take years to address..

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