The average rent is over 10% higher on this time last year, a new Daft report has found.
It also found rents in the second quarter of the year rose by an average of 2.4% compared to the first three months of the year.
The average market rent is just under €1,800 per month; this compares to €1,387 in the first quarter of 2020 and a low of just €765 per month seen in late 2011.
The report said there was a "noticeable difference" between trends in Dublin and elsewhere in the second quarter.
In the capital, market rents rose by just 0.3% quarter-on-quarter - the second quarter in a row of smaller increases.
Outside Dublin, the average increase between March and June was 4.3%, the second largest quarterly increase recorded outside the capital since the start of the Daft report in 2006.
Rents rose in each of the other main cities of Cork, Limerick, Galway and Waterford.
In Dublin, market rents were on average 8% higher in the second quarter of 2023 than a year previously.
Source: Daft.ieThe average listed rent is now €2,344, up 129% from its lowest point in 2011.
The availability of rental homes in Dublin has improved somewhat over the last year, but with only 600 homes to rent on August 1st, availability is still just 40% of the 2015-2019 average.
The figures above refer to open-market rents but the report also includes an index of rents paid by sitting tenants, rather than movers, using a bespoke survey of tenants.
It shows that, on average, rents paid by sitting tenants have increased by 3.8% over the last 12 months, with bigger percentage increases outside Dublin (4.5%) than in the capital (3.2%).
Source: Daft.ieReport author Ronan Lyons said the new figures are showing a split in market conditions.
"There have been perhaps 10,000 or 12,000 new rental homes coming on to the market in Dublin over the last couple of years, they're starting to have an effect," he said.
"But the rest of the country hasn't seen any new rental supply.
"With smaller-scale landlords leaving the market, the lack of new supply - together with really strong demand - means that there's still very strong upward pressure on rents".
Mr Lyons said recent job losses may also have had an effect.
"In Dublin, the construction of new rental housing, together perhaps with the effect of layoffs in some larger employers, has led to an easing of pressure in the open market," he said.
"Conditions remain far from benign for prospective tenants but the mismatch between strong demand and weak supply is not as stark as in recent quarters.
"Outside the capital, however, the lack of new rental homes means that the imbalance between supply and demand is still there.
"Indeed, in Connacht-Ulster, rents jumped over 6% in just three months pushing the annual rate of inflation to its highest level ever recorded (21.2%) in a series stretching back to early 2006," he added.
