RENTS have risen by 7.7% in a year in Cork city and the average is now €1,180, according to the quarterly report by housing agency, Daft.ie.
Rents rose nationwide by an average of 10.4% in the year to December 2017 as the amount of properties available for rent on the site hit an all-time low.
There were 3,143 properties available to rent nationwide on February 1, the lowest number ever recorded for this time of year since the series started in 2006, and the figure marks a 15% decrease on the same date a year previously.
In the rest of Cork, rents were 8.6% higher in the final three months of 2017 than a year previously.
The average advertised rent is now €864, up 48% from its lowest point.
The average monthly rent nationwide during the final quarter of 2017 was €1,227.
The annual rate of inflation represents a slowdown in inflation from the rate recorded in 2016 (13.5%), which was the largest annual increase on record.
Dublin experienced an increase in rents of up to 10.9% with rents in the capital now 26%, or almost €380 a month (€4,500 a year), higher than their previous peak in 2008.
Most of the other major cities saw similar changes in rents during 2017. In Galway and Waterford cities, rents rose by a little over 12%, while in Limerick city, rents rose by 14.8%. Outside the five main cities, rents rose by 9.8%.
“2017 marks the fourth consecutive year of double-digit gains in rents nationwide,” said Ronan Lyons, economist at Trinity College Dublin and author of the Daft Report.
“The underlying pressure for rising rents remains due to a chronic shortage of available rental accommodation, at a time of strong demand.
With at least 40,000 new homes a year needed to meet underlying demand, but well below 20,000 homes built in 2017, it remains the priority for policymakers to bring construction costs down in line with affordable levels,” he added.