The cost for new rents has surged by 11.6% in the past year, figures from the Residential Tenancies Board (RTB) show.

The figures show that average new rents nationwide are now €1,574 a month, equating to an additional €2,184 a year in rent compared to last year.

From the second quarter of 2022 to the same period this year, new rents have increased by an average of 11.6% across the country, the highest annual growth rate ever recorded by the RTB. In Dublin, where renting is most expensive, the cost of renting increased by 10% to an average monthly cost of €2,102.

The increase adds an extra €2,916 onto the average annual rent paid.

The Dún Laoghaire-Rathdown area of Dublin is the most expensive area to rent in the country with average monthly rents of €2,371. In contrast, Leitrim has the lowest rents, with average monthly rent of €879.

Rent increased by more than 10% in 20 counties, according to the figures. The figures show 35,888 existing tenancies were renewed in the third quarter of this year.

However, the number of new tenancies created fell sharply by 34.1% on a year-on-year basis, with new tenancies falling from 16,155 to 10,673.

There has also been a significant increase in rents for existing tenants of 5% nationwide and 5.5 per cent in Dublin.

This is despite the fact Rent Pressure Zones impose a legislative limit of annual increases at 2%.

Sinn Féin's housing spokesman Eoin Ó Broin said that this shows that "there are clearly issues with some landlords compliance with the 2% Rent Pressure Zone cap."

Ó Broin also said the Government "must urgently introduce a ban on rent increases."