The Government has completely lost control of the rental market, according to Cork TD Donnchadh Ó Laoghaire.
The latest Daft.ie report shows rental prices surged by 12.6% in the second three months of this year when compared to the same period last year, with rents in Cork up 11.8% for the same period
It's the highest price rise since Daft first began compiling records 16 years ago.
Supply of rental properties is also at its lowest since 2006, with only 716 homes available to rent in the entire country on the 1st of August - compared to 2,500 a year ago.
The national average rent is now €1,618 a month, with the average rent in Cork standing at €1,670.
Sinn Finn TD Donnchadh O'Laoghaire told RedFM News that something needs to be done urgently:
"It's clear that the government have completely lost control of the rental market across the state. You look at rents in Cork of €1670 a month, an absolutely astounding rate. It's clear that the government needs to act on this and the next budget is their last chance. They've been in government for two years now and we have seen the housing crisis get worse."
