The average rent in Waterford City is now close to €1,000 a month.

In Waterford City, rents have risen by 16% in the last year and the average rent is now €968.

In the rest of Waterford, rents were on average 15.7% higher in the fourth quarter of 2018 than a year previously. The average advertised rent is now €890, up 56% from its lowest point.

Rents in Dublin are 8.8% higher than a year ago – while the average inflation rate for the four other cities is 13%. The inflation rate elsewhere in the country is 10.4%

Nationwide the average rent is €1,347.

Martin Clancy from Daft.ie said: “Demand in the rental market remains very, very high with over 1,000 property searches now taking place every minute on Daft.ie.”

The Simon Communities of Ireland have said that the rental report shows that tenants nationwide are faced with a “huge disadvantage” in terms of housing.

The homelessness and housing organisation said that while it is encouraging that the number of properties available to rent nationally showed rare signs of increase, availability of affordable housing in the private sector remains far too low nationwide.

Paul Sheehan, Spokesperson for the Simon Communities, said that measures are needed urgently to enhance the security of tenure in the private rental market.

“As this report shows, despite the supply of private rented properties improving, rent prices continue to increase, meaning that the almost half-million renters across Ireland face a huge disadvantage in terms of their housing.

“Nearly 10,000 men, women and children remain stuck in emergency accommodation. Many have come from the private rental sector, where they were forced to give up the homes that they already had due to spiralling rents.

“Now their only option is to remain stuck in emergency accommodation as housing is expensive beyond reach and supply, while increasing, remains far too low.

“For that reason, enhancing security of tenure has to be an urgent priority so that people already housed can keep a roof over their heads and have greater certainty in their daily lives. People trapped in emergency accommodation need secure and affordable homes, with support where needed.”