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Dublin rental prices up 7.6pc in past year

THE cost of renting a place to live in Dublin increased by an average of 7.6pc over the last 12 months, it has emerged.

And renters now face paying almost twice as much to live inthe city, compared to the rest of the country.

A tightening shortage of supply has been blamed on driving up the cost of renting all types of homes in the capital.

Elsewhere, rents were almost stagnant, rising just 1.1pc for the year overall, according to rent index figures compiled by Private Residential Tenancies Board (PRTB).

The average rental price for a house in Ireland stands at €744, while the national average figure is €608 when Dublin is excluded.

However, the average price of renting a home in the capital now stands at €1,168.

The figures also showed that the average apartment rent across the country is €844.

In Dublin, it averages €1,070, while outside Dublin it is €630.

The average national rent for an apartment is higher than the average national rent for a house because the city contains most of the country's apartments.

Rents in the capital now stand just 15.5pc shy of what they were at the peak of the property market in 2007.

This has taken the average rent for an apartment in Dublin above the €1,000 a month mark for the first time in more than five years.

Anne Marie Caulfield, PRTB director said, the figures continued to reflect a story of significant rent rises in the Dublin region, while the 'outside Dublin' market is subdued.