The cost of renting a property rose almost 7% over the past 12 months.
The figure marks the lowest rate of rental inflation across the country in the last 5 years, according to Daft.ie’s latest rental report.
The average nationwide rent is now €1,391 a month – €361 higher than the previous peak 11 years ago.
In Dublin, rents are up 4.5 % compared to this time last year and now stand at €2,023.
However, that increase was less compared with the rest of the country, which seen a 9.1% average rise in rental prices.
Those were greatest in Limerick and Waterford cities, which were up 10.5% and 10% respectively over the past 12 months.
Author of the Daft Report, Ronan Lyons, says the lack of rental properties on the market is having a big impact.
Overall, rents outside the main cities in Leinster were up 6 %, but in Connacht, Munster and Ulster the average increase was around 12 %.