Rents up 36% since 2011 as car insurance also soars

The costs of rents and car insurance are likely to be thrust back into the political spotlight as official figures showed that these were the only two items in the cost-of-living basket that have continued to soar.

The costs of renting reached their highest levels in March since records began, and have risen for each of the past three months despite the introduction of the Government’s new rent controls late last year. Rents are now 36% more expensive than December 2011.

“This reflects the ongoing mismatch between supply and demand in the residential property market,” said Investec Ireland chief economist Philip O’Sullivan.