Rents in Ireland have reached an all-time high

This says it all.

A new report from Daft.ie has confirmed what we all thought: rents in Ireland are the highest since records began. Rents in Ireland's cities have risen by an average of 11.7% in the year up to September 2016, according to a new report from property website Daft. Moreover, the average monthly rent hit €1,077 in the third quarter of the year, which is the highest in history. Rents in Dublin are now 9.3% higher than they were at their peak in 2008 while, in Cork, rents rose by 14.4% in the year up to September. In Galway, rents are 10.9% higher than they were at the same point in 2015, while rents in Limerick have risen by a staggering 13.2% in the last year. Commenting on the report, Ronan Lyons, economist at TCD and author of the Daft Report, said:

"The figures from the third quarter of 2016 are worrying. "They include a new all-time high for the average monthly rent nationwide, the highest rate of annual inflation on record, as well as the joint highest quarterly increase in rents. "The increases stem from strong demand and very weak supply. In order to bring about more rental supply, policymakers urgently need to audit the cost of building homes in Ireland compared to other high-income countries."