DUBLIN IS NOW the 5th most expensive city to rent in Europe, according to new research from ECA International.

The Irish capital is more expensive to rent in than cities such as Amsterdam, Paris and Stockholm.

ECA’s data says that the average cost of a three-bed home in Dublin is now €3,406 per month – with this figure for the average cost for a three-bed in each city used to calculate the rankings.

“The global financial crisis exposed a property bubble in the Irish capital and rents have increased significantly with each subsequent year of recovery,” ECA International’s Alex Smith said.

The cost of renting has also been affected by elevated demand from international companies relocating staff while looking to take advantage of Ireland’s low corporate tax rate.

Although London, Moscow, Zurich and Geneva retain their spots as the 1st, 2nd, 3rd and 4th most expensive cities to rent, Dublin is a new entry in the top 5 as it rose three places since last year.

On the global rankings, Dublin is the 26th most expensive – up 35 spots on last year.

Rent in Hong Kong remains the most expensive, with New York in second.

The stats continue to point upwards in terms of the cost of rent in Ireland, with the most recent quarterly report from Daft.ie showing rents in the capital up 37% on their peak during the 2000s.