The average cost of renting a home in Donegal has risen to €857 per month.
The price has jumped by 22.7% in one year, according to a new report by Daft.ie.
The latest Rental Report for the first quarter of 2022 shows rents soaring higher than the Celtic Tiger peak.
Housing stock in the Connacht/Ulster region has hit a new low, with just 126 homes available to rent on May 1, down 59% on a year ago and a new record low in a series extending back to 2006.
In the first quarter of 2022 in Donegal, the average rent price for a 1-bed apartment is €592, a 2-bed house is €690, a 3-bed house is €792, a 4-bed is €886 and a 5-bed home is €960.
Sinn Féin spokesperson on Housing, Eoin Ó Broin TD commented on the report and said: “Double digit rent increases are not being accompanied by increases in wages and with the cost of living skyrocketing, workers and families will struggle to meet these rises.
“The government’s 2% rent cap is clearly not working.
“We need a ban on rent increases on all existing and new tenancies, and we need government to put money back in renters’ pockets through a refundable tax credit worth a month’s rent.”
Threshold – The National Housing Charity added: “Private renters and those seeking a home in the West and Northwest are particularly affected, in recent years, by ongoing rent increases. The Daft report demonstrates that the levels of increase in western counties has reached a crisis point. Yearly increases of up to 25% simply cannot be borne by renters.
“While the government’s 10-year housing plan may bring relief in the long-term, more immediate action is needed to relieve the burden on renters. “