Average monthly rents across the country rose by 8.2% during the third quarter of this year.
According to the latest quarterly rent index by the Residential Tenancies Board and the ESRI, the average monthly cost of rent nationally is now over €1,200.
The report shows that although the average rent for Dublin is up more than 6.5% on the same time last year, the market has stabilised in comparison to other counties.
The increase of 6.6% in rental costs for new tenancies across Dublin was the lowest annual increase since the end of 2017.
A similar trend was seen in Cork city, where the lowest rate of rental inflation was recorded since 2015.
Outside of Dublin, the average rent for the last quarter was still considerably lower than in the capital at €947, up €42 from the previous quarter.
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Commenting on the rise in costs, the RTB said that affordability continues to be an issue in the rental sector, despite the increase in housing completions.
However, since the introduction of the Residential Tenancies Bill on 1 July, the board has increased powers to investigate and sanction breaches of rental law.
There are almost 50 investigations in progress under the new bill, according to the RTB.
The report comes on the same day that four Local Electoral Areas in Wicklow, Cork, Kilkenny and Sligo are to be designated as Rent Pressure Zones.
RTB Director Rosalind Carroll said the only glimmer of hope was that the rate of rent increase was slowing down.
Speaking on RTÉ's Morning Ireland, she said any increase was difficult for tenants, but the levels of inflation were slowing down in the last three quarters.