Dublin is the sixth-most expensive capital city in the world to rent in, according to a new report.
A study by UK-based insurance group CIA Landlord studied the average cost of renting a one-bedroom apartment across 38 global capital cities and observed that Dublin "isn't a great destination for cheap renting".
The study found that it costs an average of £1,397 (€1,643) per month to rent a one-bedroom apartment in the Irish capital, while it requires a net monthly salary of £2,515 (€2,960).
It also found that a one-bedroom apartment in Dublin's outskirts is similarly expensive, costing an average of £1,206 (€1,419).
The most expensive capital city for renters was Monaco, where one-bedroom homes cost an average of £2,973 every month, requiring a net monthly salary of £5,236.
London (£1,685), Washington (£1,676), Hong Kong (£1,658). and Singapore (£1,584) make up the top five most expensive capital cities to rent in.
Dublin is the most expensive capital city for renters in the EU ahead of Luxembourg, Amsterdam, Stockholm, and Copenhagen. The Bosnian capital of Sarajevo is the cheapest EU capital city for rent, costing an average of £224 every month.
Property website Daft.ie estimates that rent in Ireland is currently growing by 6.8%, stating that the national average in Ireland during the third quarter of 2021 was €1,516.
The national average was just €742 during the same period in 2011.
Daft.ie also stated that the average rent in Dublin now stands at €2,082, 2.7% higher than it was at the same time last year.
The report found that average rent in Ireland continued to surge in Ireland between June and September this year despite an overall decline in inflation during the same period.