THE average rent in Cork City and county increased in the fourth quarter of 2020, with counties in Munster some of the worst affected by price increases.
According to the most recent Rental Price Report by Daft.ie, rents in Munster were an average of 4.6 percent higher in December than in September - the largest three-month spike in rents since 2006.
The most recent increases in Munster rents mean that, compared to the Celtic Tiger in 2008, rents are now 32 percent higher.
The results of the report show year-on-year increases of between 8 and 10 percent in five counties in Munster.
It shows a dramatic year-on-year increase in Cork county with average rent rising by 8.9 percent to an average of €1,106.
In Cork City, the average rent was €1,452 which depicts a 4.8 percent increase year-on-year while in Limerick City, rent increased by 3.9 percent to €1,265
In Waterford City, rent rose by 5.6 percent to €1,067 while average rent in the county rose by 8.4 percent to €1,039.
Prices in Kerry rose by a staggering 9.9 percent, at an average of €945 and Limerick County prices rose by 9.2 percent to average rent at €978.
Meanwhile, in all but two of Dublin’s 25 rental markets, rents were lower in the final quarter of 2020 than a year previously - by an average of 3.3 percent.
The report comes as the Minister for Housing, Local Government and Heritage, Darragh O’Brien TD approved the first Cost Rental Schemes for Ireland.
Speaking on the report, Sinn Féin TD for Cork South Central, Donnchadh Ó Laoghaire welcomed the announcement by the Minister but described the rent asking prices as “concerning”.
Cork North-Central TD Mick Barry said that the report shows that rent prices have been hiked up during the pandemic.
"This report proves that landlords in Cork have shoved up the price of rent in the middle of a pandemic. The city's landlords have showed off their addiction to greed many times in the past but hiking rents in the eye of this particular storm represents a new low in my opinion."