Serious concerns have been raised over the continuing rise in rents in Dublin.

The average rent currently stands at €1,454 per month across Dublin and €1,306 for apartments, according to the latest Dublin Economic Monitor.

Sinn Féin Dublin City Councillor Noeleen Reilly said the issue as "very worrying".

She said: "Only 440 homes were completed in May and these were mainly in the Fingal area.

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"The lack of supply is a driving factor in the increase in rents and only the building of more units will address this issue.

"The lack of adequate rental accommodation is not only affecting families in Dublin but it is also having an impact on Dublin as a location for investment resulting in the loss of thousands of potential jobs for Dublin citizens.

"Dublin Local Authorities need to be able to source financing themselves to build and this can be done through the Housing Finance Agency as there is an opportunity now to avail of low interest rates which may not be there in the Future."

(CD/MH)