Revealed: Average rent in Tipperary now €908, according to the latest Daft report

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Cost of rent in Louth increases by 4.9 percent

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Rents in Munster rose 8.8% year-on-year, reflecting a sharp fall in availability - just 232 homes were available to rent on February 1, down by nearly half compared to a year ago.

In Tipperary, rents were on average 7.7% higher in the final three months of 2020 than a year previously. The average listed rent is now €908, up 61% from its lowest point.

The average rent nationwide in the final three months of 2020 was 0.9% higher than a year previously, according to the latest rental report by Daft.ie.

The average monthly rent stood at €1,414 in the final quarter of 2020, up from a low of €742 per month seen in late 2011.

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Ronan Lyons, economist at Trinity College Dublin and author of the Daft Report, said: “Often people query whether the basics of supply and demand apply to the housing market.

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“These latest figures should remove any lingering doubts about the importance of supply in lower rents.

“Outside Dublin, Covid-19 has led to a further worsening of supply conditions in the rental market, with the number of homes coming on each month down 17% on already low levels.

“While demand for rental homes outside the capital has fallen – with the rise in unemployment – it has not fallen as much as supply, pushing rents further upwards.

“In Dublin, Covid-19 has had the opposite effect, with the number of homes being advertised to rent up 64% on February 1, compared to a year previously.

“Rents in the capital – and in Ireland’s other main cities – remain at twice their level a decade ago.”