A report has shown that rents across the country have fallen by between 15% and 20% from their peak.
In its quarterly report on the rental market, property website Daft.ie says rents have fallen by 5% in the last three months, with the average rent 17% lower than this time last year.
Read the report in full
Rents have been falling across the country because of oversupply for close to 18 months.
At the beginning of last year, the average rent in Dublin was €1,300, but last month that had fallen to €1,000.
In Cork, there has also been a 20% fall, with the average rent now below €850.
The biggest falls are in urban areas and in south county Dublin rents are on average 23% below their peak.
In rural parts of the west of Ireland rents are 14% lower. In Kerry and Donegal that is 10%.
The report says that, on average, the higher a regional market's peak rent, the larger its percentage fall has been so far.
Prices are coming down because of competition between landlords for tenants.
The report also shows that the increase in supply has far exceeded any increase in demand from would-be first-time buyers who are staying in rented accommodation while house prices fall.
