New figures just out have revealed the national average being paid out to landlords stands at just over €800 per month, down a sixth on the past 12 months.

Overall, monthly rents have fallen by just under €200 in the past year, it emerged today.

The latest report published by property website Daft.ie showed a 5% drop in the past three months, with a 7% fall in Dublin.

The Daft rental report is based on an analysis of all rental properties advertised on Daft.ie since January 2002, including over 130,000 so far this year.

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The study revealed rents have now been falling month on month for almost a year and a half, with a 20% drop in Cork and from over €1,300 to €1,000 in Dublin.

The biggest fall was in south Co Dublin where rents are on average 23% below their peak, compared to a 14% fall in Connacht and 10% drop in Kerry and Donegal.

With thousands of teenagers securing college places with the CAO points out yesterday, Mr Lyons said the latest trends will be welcome news for new and returning college students.

The cost of a double room in towns with Institutes of Technology range from €231 a month in Letterkenny to €543 a month in Dublin.

On August 1, for the first time since 2007, the number of properties available to rent fell slightly.

(BMcC/KMcA)