The country is currently experiencing a severe shortage of housing supply, with just 1,096 homes available for rent on the 1st of February, a 20% decrease from that date last year.

The report showed rents across Ireland to have jumped 13.7% last year, with the average rent between October and December of 2022 tallied at over €1,700 a month.

Rent inflation in Dublin city was 13.1% and in Cork city it was 14.9%. Waterford was the city with the highest inflation rate, at 20.2%.

"The figures in this latest Daft.ie Report confirms, once again, the chronic shortage of rental housing in all parts of the Irish market," said Ronan Lyons, Associate Professor of Economics at Trinity College. Lyons also authored the report.

"The extraordinary collapse in availability over the past two years has brought about record increases in open-market rents. A new rental supply is the only real solution to a shortage of rental homes.

"Policymakers must have a clear plan on how their housing needs will be met, a plan that includes tens of thousands of new rental homes being delivered this decade in all major towns and cities."