Average rents here have risen by a massive 82% between 2010 and this year, way higher than the EU average of 18% in the same timeframe.
New figures from the Banking and Payments Federation also show house prices increased by nearly 50 percent across the EU, while average prices here went up by more than 55 percent.
Chief Executive of the Federation Brian Hayes says nothing will change unless supply increases substantially.
"It does highlight the dysfunctional nature of the market and a complete lack of supply.
"We're only going to get to a better place on average rental cost if we have more supply which moves people on within the housing market.
"We have a circumstance at the moment that people are paying more on rents than they would on average and mortgages."
