By Cillian Doyle.
The low supply of houses is driving up the cost of rent, a new report has found.
The latest Daft Rental report indicates that rents have increased by 5.6% nationally in the past 12 months.
In the South East, Waterford County rent prices rose by 15% while the city rose by 12%.
Rents are up 14% in Tipperary, 13% in Wexford, Kilkenny's rent rose by 9.5% while Carlow is up 9% compared to this time last year.
Speaking to Beat News, economist at Trinity College Dublin and author of the report Ronan Lyons says, Covid hasn't changed the need for a home:
"Rents are rising, and rising rapidly - most parts of the South East it's between 12 or 13 per cent year on year - and even if you look at it every three months - it's up 2 or 3 per cent over the last 18 months or so - and that's showed us whatever Covid has done to our economy and society - what it hasn't done is change the need for a home."
The cost of renting a property outside Dublin has increased by an average of almost 10%.
The report also found that there were less than 2,500 homes available for rent on the 1st of August, with only 7 available in Waterford City from the same date.
In July, new legislation linking rent increases to the rate of inflation was introduced in a bid to curb rising rents.
Author Ronan Lyons says Covid has seen regional prices rise compared to Dublin:
"I think the best way to see the impact of Covid is to look at the South East."
"Waterford is up 15 per cent year-on-year and Dublin 2 is down 7 per cent, that's telling us pretty clearly that at least over the year renters have been able to vote with their feet and go to cheaper markets."
