Figures just released by the Private Residential Tenancies Board reveal that the price rise in the Dublin private rental market stands at 9.6%, well above the national average.
The average cost of renting an apartment in Dublin by year end, 2014, was €1,166 per month. During the same period the year before, it was €1,051.
Dublin 2 was found to be the most expensive area to rent in, with an average monthly rental price tag of €1,500. Dublin 4, 11, and 15, are the next three most expensive areas.
Outside the capital, house rental prices grew by a larger amount than apartments.
The average cost of renting a house rose by 4.4%, to €667 per month. Apartment rental costs rose by 2.9% to €612 monthly.
The upward trend in rental prices is blamed on dwindling availability of properties to rent out.