Students face massive rents of up to €1,000 per month
The cost of accommodation for students has risen to more than €1,000 per month.
As the accommodation crisis in the capital continues, new figures show the cost of rental accommodation for students has jumped 5.8pc in a year.
Students living in Dublin can now expect to pay from €302 for a shared room to as high as €1,013 for a one-bedroom apartment in some parts of the city.
The average cost of rent per month for students in the capital increased by 6.4pc last year.
A shortage of suitable student accommodation is to blame for the increase in rents.
The Student Cost of Living Guide 2014/2015, which was published by the Dublin Institute of Technology (DIT) yesterday, showed that students living at home can save families €3,893 per year.
A student who will be renting will have to budget €10,976 for living costs, whereas someone living at home needs to save €7,083 for the year.
An increase of 9.2pc for travel costs have also affected students, due mainly to higher public transport fees in 2014.
A survey carried out last month showed that 18pc of students in Ireland find themselves in financial difficulty.
Brian Gormley, the manager of Campus Life in DIT, said: "We are urging students to book their accommodation for the coming year as soon as possible. Due to the shortage in accommodation, many students are commuting longer distances, and the increase in transport has not helped."
The report showed that 'living costs' associated with attending third-level education have risen to above €8,000, for the first time since 2008. However, in reality, the total cost is €1,500 higher than it was six years ago because the student contribution charge has increased from €900 in 2008 to €2,750 this year.
This charge is the reason the cost of education in the country continues to rise, the Consumer Price Index showing an increase of 4.6pc in March 2014.
The majority of the nine categories assessed didn't change over the last 12 months, other than rent and travel. But it is estimated that students will spend more than 3pc on their social life.
Details of the study show that 41pc of full-time undergraduates work during term-time, working an average of 10 hours per week.
Nearly 40pc of students in Ireland receive a higher education grant, which covers the student contribution charge.
The closing date for applying for one of these grants is tomorrow, August 1.