Dublin rent prices now €260 higher than previous Celtic Tiger peak

Dublin's rent crisis continues as new figures show prices are now almost 20 per cent higher than their Celtic Tiger peak.

According to the latest report from property website Daft.ie, rents nationwide are up by close to 12 per cent in the second quarter of this year. 

The national average now stands at a record high of €1,159 per month, while the average price for a property in Dublin is €1,700.

Renters in the capital now pay €260 more per month than in 2008.

Speaking about the shortage of suitable rental accommodation, Ronan Lyons from Daft said: "At one point, it had never gone below 5,000 – we broke through that, unfortunately, about a year ago," he said.

"It's been steadily decreasing really over the last five years and it's now gone below 3,000 for the first time, so it gives an idea – particularly with more renters now than ever before, there are actually fewer properties available on the market – of just how tough the market is."

Housing and homeless charities say rising rental prices are one of the main factors forcing families into homelessness.

Roughan McNamara from Focus Ireland wants the government to tackle the issue of vacant properties.

"What we're hoping the Government will do is have serious incentives for landlords to rent out properties to get more rental properties available, but also penalties for those who do not rent out their properties and we're hoping that the Vacant Home Strategy, and indeed Rebuilding Ireland, will take urgent action on this issue."