Dublin continues to be in the top five most expensive cities to rent in Europe, according to the latest Accommodation Ranking report by ECA International.
With rental costs up €207 on average per month from last year, it is one of the steepest rental rises in the ranking (6%), making it more expensive than other major European capital cities.
Rent in the capital is now on average €3,613 per month, making it more expensive than many other major European capitals, such as Paris at €3,461, Berlin at €2,354, and Madrid at €2,393, the report states.
Alec Smith, Accommodation Services Manager at ECA International, said: “Dublin has once again seen one of the steepest year-on-year increases of rents in Europe, at just over 6%.
“The increase is partly due to the continuing increase of international companies relocating staff to the city, elevating the demand for expatriate-standard housing.”
ECA’s annual rental accommodation report analyses the rental prices for a mid-market, three-bedroom home in areas commonly inhabited by expatriates.
London continues to hold the top spot for the most expensive rental accommodation in Europe for expatriates, with an increase of £121 per month. The average cost of a three-bedroom, mid-range home for expatriates is now £5,308 per month (€5,963).
A growing population and an increase in Airbnb rental properties has caused rental accommodation prices to continue to rise in Edinburgh, according to the report. The average cost of a three-bedroom, mid-range home in the Scottish capital has risen by £106 per month, up to £1,635 (€1,836)), the highest in over five years.
Cyprus saw the biggest rise in expatriate rental costs in Europe, with Limassol’s rent up €128 per month (€1,058) and Nicosia up €120 a month (€1,079).
Many German cities also saw big jumps in the average rent, with Munich, Berlin and Stuttgart all seeing increases of over 6% from last year.
The report says the US has become considerably more expensive for expats with nearly all US cities in the rankings having risen, some considerably.
The US now has three cities in the global top ten, these being New York, San Francisco and Miami, as the strength of the US economy endures, with the dollar gaining against most major world currencies.
Hong Kong has been named the most expensive location in the world for expat accommodation, for the third year in a row, with the average monthly rent standing at (US) $11,318, (€10,282) an increase of over 3%.
Top 10 most expensive cities to rent in Europe:
Top 10 most expensive cities to rent in the world: