There's been a 6.4% increase in rental prices in Dublin in the past year.

However, the Private Rental Tenancies Board and the ESRI say a two speed market has emerged - with a 0.2% decline in prices around the rest of the country.

When looking at the period between July and September, rents outside of Dublin increased slightly, by 1.4%.

David Duffy of the ESRI told Newstalk's Breakfast there's one main reason for the rise in rents:

There's been an increase in the demand for houses instead of apartments outside of Dublin.

The latest rent price index published by the Private Residential Tenancies Board shows a 2.3 per cent increase in demand for houses, with a 0.4 per cent decline in the number of apartments being rented outside the capital.

Director of the PRTB, Anne-Marie Caulfield, says that people are now seeking houses instead of apartments for rent.