When supply improves, prices fall back – that’s one of the baselines of economics. More demand has the opposite effect. And yet the latest Daft.ie Rental Report, covering the first quarter of 2026, presents what looks like a contradiction. On one hand, the national average for open-market rents rose by 4.4 per cent between January and March – the largest quarterly increase in a data series that stretches back to 2002. The quarterly increase even eclipses the surge in rents during 2022.