Rents around the country have increased on average by 6.7 per cent according to the latest rent report from Daft.ie.
Properties in Connacht-Ulster noted the largest increase, jumping by 18.8 per cent compared to the same period in 2020, resulting in the highest rate of inflation on record since 2006.
Munster was not far behind, with rents there increasing by 15.6 per cent in the past year.
The report, covering the third quarter of 2021, found the national year-on-year increase was the highest it has been since early-2019, brought on by a shortage of rental properties around the country.
On November 1st, there were just 1,460 properties listed as available to rent nationwide, 820 of which were in Dublin - the lowest number on record for the county.
The report added that rental stock in cities around the country is 70-80 per cent lower than it was a year ago.
Rents in the capital saw a slight increase (2.7 per cent), the average listed rent being €2,082 - up 107 per cent from its 2011 low - while the average rent nationally between July-September was €1,516.
Commenting on the report, Trinity College Dublin economist and report author, Ronan Lyons said the pandemic "temporarily reshuffled Ireland’s rental problems" but the latest figures confirm shortages are worsening.
"While some argue against the construction of large numbers of purpose-built rental homes, any solution to the chronic shortage of rental homes in Ireland must include building new ones," Mr Lyons said.
"In this regard, the pipeline of almost 45,000 new build-to-rent homes – while concentrated in the Dublin area – is particularly welcome. More than 50,000 more rental homes have been proposed.
"Their construction would help improve the availability and affordability of rental homes, something for policymakers and planners to consider," he added.