Irish rents rising at fastest pace in over a decade: survey

Dublin

RESIDENTIAL rents in Ireland rose 11.7 per cent year on year in the third quarter, property website Daft.ie said on Tuesday, marking the fastest rate of annual inflation since its series began in 2002 amid a chronic shortage of housing.

While Ireland was left with a surplus of houses after a 2008 property crash, supply has since failed to come anywhere close to matching demand in the fast-recovering economy, sending rents back above their "Celtic Tiger" peak in the previous quarter.