Rents in Dublin increased by just over half a percent in the past year, compared to a national average of 5.6 percent.
The latest Daft Rental report show the cost of renting a property outside Dublin has increased by an average of 11 percent.
In July, new legislation linking rent increases to the rate of inflation was introduced in a bid to curb rising rents.
But, author of the report Ronan Lyons says attempting to ban rent increases won't actually solve the problem:
"What we need to do instead is we need to get new rental homes built. If you look at Ireland over the last 10 to 15 years, effectively no new rental homes built in that time period. And yet 50 percent more people renting that 15 years ago".
A lack of supply is being blamed for driving up the cost of renting.
The report shows there were just 2,455 homes available to rent on August 1st - a number described as the "lowest on record" and "an extraordinarily low figure for a country of Ireland's size".
