Rents now two-thirds higher than Celtic Tiger peak

Market rents rose by an average of 1.7% in the third quarter of 2025, according to the latest Rental Report by Daft.ie, the eighteenth consecutive quarter of rising rents. Market rents are now one third higher than their pre-covid levels and two thirds higher than their Celtic Tiger peak in late 2007.

The average monthly rent for a two-bedroom apartment nationwide, between June and September, was €2,080.

There were just over 1,900 homes available to rent nationwide on November 1st. This is down 21% year-on-year and less than half the average for the period 2015-2019. In Dublin, the stock of homes to rent is down by almost one third, year-on-year.

The report shows that rental inflation remains lower in Dublin than the national average, with prices rising by 2.7% in the capital compared to 4.3% nationally. In Cork city, rents are up 9.3% year-on-year, while in Galway and Limerick cities, rents are up by 6%. In Waterford city, rents are up 11.4% year on year. Outside the cities, the rate of inflation is just above 5%.

Commenting on the new-look report, its author Ronan Lyons, Professor in Economics at Trinity College Dublin, said:

“The twentieth anniversary of the Daft.ie Report has given us the opportunity to revamp and refresh things, with the new format putting far more information, in some cases going back to 2002, available at the fingertips of all those interested in Ireland’s housing market.

“For all the work involved in the new report, however, the picture remains unchanged – this is a market starved of supply. Rents are now one third higher than they were just over five years ago and indeed two thirds higher than their Celtic Tiger peak. The easing off of inflation – from over 13% in 2022 to 4.3% now – has been welcome. However, the sharp fall in availability of homes to rent suggests that any further pressure on rents over the coming quarters will be upwards. While it will take years, significant amounts of new rental supply – all around the country – are required to change conditions in the rental market.”

Annual change in rents (mix-adjusted) and average monthly market rent for a two-bedroom apartment, 2025 Q3:

• Dublin: €2,583, up 6.5%
• Cork city rents up 9.3% year-on-year, average rent of a two-bedroom apartment: €1,982 per month
• Galway city rents up 6% year-on-year, average rent of a two-bedroom apartment: €2,081 per month
• Limerick city rents up 5.9% year-on-year, average rent of a two-bedroom apartment: €2,108 per month
• Waterford city rents up 11.4% year-on-year, average rent of a two-bedroom apartment: €1,490 per month

The full report is available from HERE.