While many of those renting in central Dublin locations may pay the equivalent of monthly mortgage instalments, it's very much a lifestyle choice . . . they may not be able to afford to buy in that upmarket area, but they can enjoy the convenience of living there at least.

Inward migration also brings with it the view that simply renting somewhere to live, as opposed to buying, is perfectly acceptable and it's a European attitude increasingly becoming the norm with young Irish professionals as well.

Figures for immigration for the past year are roughly 54,000, with those from the EU accession states now making up 4% of the labour force here. Returning Irish workers, and their 'new Irish' counterparts, are already well aware of the national obsession here for property ownership and the inflated prices resulting from that.

Our ropy public transport system is also something that precedes us, apparently, and for many coming to work in the capital in particular, a central location with a reasonable commute, or walk, to the workplace is preferable to somewhere out in the proverbial sticks.

In the most recent report on the rental market from rental website daft. ie, figures for the third quarter of 2005 show that areas closest to the city have shown a drop in time-to-let of roughly two days.

AREAS in the greater Dublin area have seen an equivalent rise by comparison. Dublin 6 and 6W were the easiest places to let a property last year, while west Co Dublin (Lucan, Blanchardstown, Clonsilla, Clonee and Citywest) had the lowest rents.

The rent, of course, depends on the quality of the property and the sort of facilities available, factors tenants may refer to when negotiating their lease terms.

Dublin 4 . . . surprise, surprise . . . fetches the highest rents with a one-bed apartment averaging 1,014.

Marie Hunt, director of research with CB Richard Ellis, says rents in Dublin have certainly increased in the past year, but not quite so much nationally and "certainly not in areas where the quality is not good", or where amenities are lacking.

"Rents are holding their own and going up in places such as central Dublin, but in the very large developments in outlying locations, they are not doing well, " she says.

"Somewhere like Fingal, where there are new blocks of developments of hundreds of apartments, there is much more difficulty in lettings."

About 20% of the new homes are bought for letting.

"Most people buying to let are more concerned with the long-term capital gain of investing, " she says.

For those hoping to get a decent rental income, they have to put the money in in terms of a high standard of fixtures and fittings. The days when people thought they could get away with poor quality accommodation are gone.

"For investors and for renters alike, it's the developments with good facilities that will reap the benefit."

To buy or to rent is the big question for a lot of young people. But the reality is that in terms of getting on the property ladder, as one young professional argues, while interest rates may be very low there is still the requirement of a hefty deposit.

What about 100% mortgages? "I think any young person would be mad to touch them, " he believes.

The likely commute is a key factor for renters when weighing up the costs of higher rents in the centre of the city against travel expenses and the likelihood of an average of two hours travelling each day.

Gabriel Murtagh, who specialises in the lettings market for Gunne estate agents in Fairview, says that demand from foreign nationals is very strong and is putting pressure on the rental market.

Irish people, on the other hand, usually want to get on the property ladder.

But he believes the trend will eventually turn to a more US or European model with people looking for long-term rental agreements.

The fact that standards in accommodation have greatly improved is a factor. Investors may once have held the view that 'it's only for renting out, it will do', but not now.

"That won't cut it anymore, " says Murtagh, "and they realise not only that they will rent out a property much faster if they invest in a decent fit-out but also that tenants will take a certain pride in the place and look after it.

"I have friends in Switzerland who can't understand why we Irish . . . like the English . . . are so set on buying a property. It seems to be stamped in our psyche.

"But economics, plus a more European approach, will change that attitude."