It’s the same old (scary) story.

The cost of renting a home in Cork has rocketed once again, increasing a whopping 12 per cent in a year.

According to the latest Daft.ie Rental Price Report, renters in Cork City now pay an average €2, 005 per month to landlords, with renters across the county shelling out an average of €1533.

A single bedroom in Cork City will set you back an average of €593, while a double room is likely to cost around €725.

And that’s if you can find a vacant property to rent; as of the start of August 2024, there were fewer than 900 homes available to rent across the country, excluding Dublin. Across Cork, Galway, Limerick and Waterford cities combined, there were just 150 homes available to rent at the start of this month.

“Where availability goes, affordability follows: supply is the single most important determinant of rental level.” said the author of the report, Ronan Lyons, Associate, Professor of Economics at Trinity College Dublin.

“When supply is tight, rents are pulled up.”

“Ideally, more than a decade into a rental housing shortage, we would be talking about the gradual spread of the solution, rather than a return to the core problem. The solution is new supply of market rental homes, in large volumes, in each and every rental market in the country.” Mr Lyons added.