Irish Rents Soar 7.8% to €2,176 Average; Highest Increase in 25 Years

Irish rental prices saw their largest increase in almost 25 years, rising 7.8% year-on-year to an average national monthly rent of €2,176 for a two-bedroom apartment in Q1 2026. This surge coincides with new government reforms, including a “market rent” reset allowing landlords to increase rents for new tenants.

The Daft report, authored by Trinity College Dublin economics professor Ronan Lyons, indicates rents climbed 4.4% between December and March alone. Dublin city centre averaged €2,828, followed by Galway (€2,309), Cork (€2,103), Limerick (€1,900), and Waterford (€1,490). Market rents are now 40% above pre-Covid levels and 81% higher than 10 years ago, with Connacht-Ulster seeing an 86% increase since Covid, compared to 23% in Dublin.

While 2,500 homes were available to rent nationwide on May 1, a nearly 40% increase from three months prior, most are outside Dublin, where supply remains constrained. Lyons suggests the increase in availability may be partly due to landlords delaying listings until the new rent control rules, announced in June 2025 and introduced in March 2026, took effect. However, overall supply remains very limited, and this increase is unlikely to be a sustained improvement.

Sinn Féin housing spokesperson Eoin Ó Broin criticized the changes, noting the average annual rent now costs €26,000, potentially leading to financial hardship or homelessness for renters. The government’s aim was to attract investment and boost supply, but its success in influencing investment and supply decisions “remains to be seen.”