Rents nationwide fell by less than 1% between the months of April and June this year.
The latest report from property website Daft.ie shows that the average asking rent in the country was just under €835 a month in July - a 5% fall on the same time last year.
Daft.ie said that the year-on-year fall in rents is now at its slowest pace in two years, suggesting that the rental market may be close to stabilising.
But Daft.ie's economist Ronan Lyons said that the total stock of properties available to rent remains high, which means it is unlikely that rents will rise sharply in the near future.
Today's figures show that rents fell by between 1% and 3% in Dublin, Cork and Waterford city centres in the second quarter of the year. However, rents in Galway and Limerick cities increased by up to half a percent.
The report also points out that this is the third year in a row that rents have been lower than the previous year.
