THE average rent in Cork city is now €1,372 — up 5% in the last year.
In Cork county areas, the average rent is now €1,031, which is 9.6% higher than a year previously and up 77% from its lowest point during the recession.
The figures were released by property website, Daft.ie.
Ronan Lyons, author of the Daft Report, said: “Over the last decade, Ireland’s rental market has experienced a persistent and worsening shortage.
“Only in recent months have signs emerged of any improvement in this situation.
“The last Rental Report highlighted the new supply coming on stream over the coming years — roughly 25,000 new rental homes in Dublin and Cork.
“And this report has found both improved availability and lower inflation. Nonetheless, rents continue to climb and from a base where they are already high compared to wages.
“As has been the case throughout the last 10 years, there is no quick-fix regulatory solution for the sector.
“Rather, fixing it will involve the construction of tens of thousands of new rental homes every year for the foreseeable future.”
Across Munster, rents rose by an average of 10.1% in the year to September 2019 and are now 23% above their previous high in early 2008.
Nationwide, rents increased by an average of 5.2%.
Raychel O’Connell, Communications Manager of Daft.ie, said: “With rents at a record high, and availability in such short supply, it is clear that the sourcing of more rental accommodation continues to be of utmost importance for the Irish property market.”