This large rise in cost is a product of supply and demand. Due to properties no longer being built on a large scale, people are looking to buy, or, as in the case above, rent “old stock”
However, in other parts of the country the cost of renting a property has not moved at all, with some parts of the country only edging a 2% increase.
The blame is to be put on the downturn of the construction sector, due to a large demand over supply, The above figures imply that most of our rentals are city-based. With one in three rentals now-a-days in Ireland being a rental, it is a sector which is becoming increasingly important and the shortage of supply is something which needs to be looked into.