Properties up for rent in Cork City are attracting up to 800 enquiries, while one letting agent in Limerick takes down online advertisements within an hour of putting them up because of the huge demand.
Mark Rose, of Rose Property Services, said that a recent two-bed property on the southside of Cork City with a rent of €1,000 per month attracted up to 800 enquiries.
He said the sheer amount of interest in the single property was equivalent to the entire number of rental properties available across the country at present and highlights the need for more homes in the sector.
There are 814 available nationwide, according to the rental website, Daft.ie. The average market rent in the first quarter of this year was €1,567, up by almost 12% from €1,400 a year ago.
Mr Rose said: “In 2009, on any day you would log on, the average number of properties advertised at the one time was 24,000 and now we are down to 800.
"That was enough supply in 2009 to have rents falling.
One landlord who did not want to be identified placed a property online for €2,200 per month on Sunday.
In three days, more than 200 enquiries were received about it and viewings have been arranged with less than 20 of those.
Tony Wallace, head of property management with Rooney Auctioneers in Limerick city, has reported similar surges in demand.
He said that within the first hour of a property being advertised in the city, there are an average of 100 enquiries received.
“We have to be very strategic when we put it up so that we are ready for the phone to ring because it rings almost immediately.”
Mr Wallace said there is a lack of smaller properties including one or two-bedroom properties in Limerick city centre.
One Brazilian student in Cork recently went to view a one-bed property in the city and said there were more than 100 people queuing to get inside.
“If I can't find another accommodation by June 10, I'll have to go to another country, as I won't have anywhere else to live. I have a couple of friends who want to share a house with us, our budget is €2,000 and we still can't get a residence.”