The average national rent has hit 1,391 euro a month, an increase of almost 7 percent in the last year.
The latest Daft.ie report shows the average rent in Dublin is now more than 2,000 euro a month.
However, the report shows the rate at which prices are increasing has slowed down to its lowest in five years.
Limerick and Waterford had the biggest increase in prices with hikes of around 10 percent.
Author of the report Ronan Lyons says a lack of available rental properties is a big part of the problem, and says that could change in the coming years
Ronan Lyons says “We figured in the report about the number of new rental homes that will be built or that are at least planned to be built over the next three to five years. That will help a bit but ultimately it is still a market outside Dublin where there is not a lot of supply and very strong demand.”