There are many causes, but supply shortage is the most significant because it is now an suppliers market.
Many property developers went bankrupt as a result and some others have not been able to enter the market since. Much of the current construction is now commercial and not residential. Accommodation builders are more interested in Student Complexes than family homes.
The authorities stopped building any social housing. This put pressure on the private sector to rent.
Bedsits were outlawed to eliminate the lower market. A number of factors have led to the abandonment of accommodation over shops.
Many landlords are using the Airbnb platform to attract guests to their private accommodation.
Because of the increase in students coming to Ireland, accommodation demand has increased significantly. The USA had the highest number of international students in Ireland in 2016-17 (4,696). China (2,153), Saudi Arabia (1.396), Malaysia (1.380), Canada (1.356) and Canada (1.356 [there are many other students from Brazil, Vietnam, Africa]. It is believed that 2018 will see an increase in international students by 16%
Multinational companies are attracting large numbers overseas workers and, in some cases, subsidizing rents paid by employees.
There has been an influx into the country of ‘Professional Landlords’ and they are looking to get high prices.
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source https://ireland-dublin.com/lack-of-property-supply/
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