Rents nationwide fell by less than 1% between the months of April and June. 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 per cent.
The report also points out that this is the third year in a row that rents have been lower than the previous year.
The latest figures will be welcome news for those attending third level. According to Daft.ie, a student renting a two-bedroom property could expect to save between €1,500 and €4,000 during the academic year compared to 2007.
However, the cost of student accommodation still varies across the country with the average rent for a double room in Dublin city about twice as high as that in Athlone, Castlebar or Tralee.
