Rental prices in Ireland are now higher than they were during the Celtic Tiger 1 year ago

Rental prices in Ireland are now higher than they were during the Celtic Tiger

The price of renting a home in Ireland has hit an all-time high.

In June 2018 the average cost of rent nationwide was €1,304 a month.

That is a rise of €274 per month on the last peak which was in 2008 during the Celtic Tiger. It's also around €560 more than it was at an all-time low in late 2011.

This surge means that the cost of renting in Ireland has increased at a double-digit rate for nearly two years.

But, in Dublin alone the average amount is even higher.

The price of renting a place in the capital has shot up by €200 in the last year alone. This means it will cost you around €2,000 per month for accommodation in some parts of the city.

That is an increase of 34 percent over the course of a decade.

Rent was nearly 21 percent higher in Limerick in June than it was at the same time last year, meaning it is now around €1,109 a month.

Meanwhile, in Galway and Cork rents are 41 percent and 25 percent above what they were a decade ago.

In June, the average monthly rent in Galway was €1,189, and in Cork it was €1,266.

The findings by Daft.ie prove that families would be better off buying their own home if they can, rather than renting. But, that is easier said than done.