Some of the biggest rent increases can now be seen outside the capital.

Landlords. Image shows a set of two keys attached to a small design of a green coloured house.

(Source: Pixabay)

On average they were 14.1 percent higher in the third quarter of this year when compared to the same period last year

The average market rent nationwide between July and September was €1,698 per month, 120% above the low of €765 per month seen in late 2011.

The figures contained in the latest report reveal the 14.1 per cent national increase is the highest ever recorded since its launch in 2006.

Economist and author of the report, Ronan Lyons, says the government needs to speed up the delivery of rental property.

‘The root cause of these record increases in open market rents is ultimately a lack of availability an lack of supply, when you look at the number of homes on the open market at any particular point in time, it was going down consistently anyway and that was a sign that new rental homes needed to be built. Covid put a bit of a pause on that but since reopening in early 2021 there’s been a dramatic fall off in rental accommodation.’