There are only 2,700 rental homes available across Ireland- the lowest since records began, shocking figures revealed.
Renters nationwide now pay a record average of €1,366 a month, an 8.3% increase on last year according to the quarterly rental report by Daft.ie.
Average monthly prices are now €337 higher than the previous peak in 2008 and almost €625 higher than the low seen in late 2011.
A homeless charity has slammed the private rental market for being incapable of combating the current housing crisis.
The Simon Communities called on the State to urgently invest in social and affordable housing across the country.
Homes close to DART or Luas stops cost almost €130,000 more than typical Dublin prices
Spokesman Paul Sheehan said people were being pushed into emergency housing because of the “inaccessible and insecure private rental market”.
“Rising rents and plummeting supply within the private rented sector are preventing people from finding affordable and secure places to live”, he said.
He called for the strengthening of tenants rights to address “loopholes” surrounding security of tenure that forces people out of their homes.
He said: “Ultimately, this crisis will be solved by the provision of social and affordable social housing”.
Dublin remained the priciest place to live with average monthly rents of €2,002 and prices rose for the 31st consecutive quarter.
Cork was the second more expensive county to live where average rental prices reached €1,331 up 10% from last year.
Rents also increased rapidly by between 10% and 15% in the cities of Galway, Limerick and Waterford.
Munster, Connacht and Ulster saw average increases of 12% while prices increased in all of the 54 areas covered by the report.
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Sinn Fein's housing spokesman Eoin O'Broin hit out at the Government dubbing rent pressure zones as being “effectively meaningless”.
He called for an “immediate rent freeze for existing and new tenancies combined with a refundable renter's tax credit worth a month's rent”.
Independent TD Mattie McGrath said the numbers were "deeply troubling".
Mr McGrath said: "The average rent in Tipperary has now risen by 10.8% to €832.
"This will cause huge amounts of anxiety to all those families and individuals who remain dependent on the rental market for a roof over their heads.
"What is also deeply troubling is the finding that as on May 1st, there were just 2,700 properties available to rent nationwide on Daft.ie.
Company makes more money renting homes in Dublin than Los Angeles, California
"This is the lowest ever figure for stock on the market, in a series that goes back to the start of 2006.
"If ever there was a categorical indictment of government policy; then this is it.
"It highlights that all of their policies directed toward avoiding enormous rent escalations have been an abysmal failure."
More than 10,000 people are now homeless a third of which are children - the highest level ever recorded in Ireland.
A national protest against the Government's housing policies is planned for May 18.
