Rental costs in Mayo surged by more than 21% during the final three months of 2022.
The average rent in the county now stands at €1,108. That’s up a whopping 114% from the lowest point of the market, according to the latest rental report from Daft.ie.
Nationally, rents jumped by 13.7 per cent last year, with the average market rent nationwide standing at €1,733 per month by year end.
The figures indicate that rents rose by 2.7 per cent in the final quarter of last year when compared with the previous three months.
Elsewhere in the West, rents rose by almost 20% in Roscommon where the average rent is €1,094.
Sligo rents jumped by 15.4% (€1,109) and Co Galway rents have risen by 13.8% (€1,094).
Galway city has the second highest rental costs in the country at €1,796,
The ongoing increase in the cost of renting accommodation is being driven by the continuing shrinking of the number of properties being offered for rent.
There were just 1,096 properties advertised as available for rent on February 1, down more than 20 per cent on the same date last year and roughly one quarter of the average level of availability during 2015 to 2019.
In Mayo, there were just 42 properties available to rent on daft.ie as of yesterday (Monday).
“The extraordinary collapse in availability over the past two years has brought about record increases in open market rents,” said Ronan Lyons, associate professor of economics at Trinity College Dublin.