Average rents have hit a new high of almost €2,000 a month – although the pace at which this figure is rising has slowed.

The eye-watering monthly costs will leave even more hopeful homebuyers unable to save for a minimum 10% cash deposit on a house.

The dire situation was called a “plague” by Trinity College Dublin’s associate professor in economics Ronan Lyons, author of the daft.ie report released last night.

The average open-market rent nationwide in the final quarter of last year was €1,956 per month, 43% higher than before the pandemic.

Prof. Lyons again pinned the blame on the lack of available homes.

“The ultimate solution to that shortage is to ensure new rental housing is built.

“This must be central to housing policy for the new Government,” he said.

Availability of homes to rent improved during 2023 and last year, but in recent months, the number of homes available to rent on the open market has fallen.