Rents have barely gone up in Dublin in recent months because more rental homes have come on the market.
There's been a rise of just 0.4 per cent in the capital, compared to 1.8 per cent for the rest of the country.
All four major cities outside Dublin – Cork, Limerick, Galway and Waterford – saw quarterly rises of at least 5% in rental prices.
Report author Ronan Lyons said the “underlying story” in the figures is “one of supply working”.
“In Dubin, new rental supply has been built and as a result, we are seeing an end to rental increases,” he said.
“Whereas, elsewhere in the country, there has been no new rental homes built, supply is still very tight and rents are increasing at a very fast pace.”
In Dublin, market rents are up an average 4.3% year-on-year.
The average listed rent is now €2354, up 130% from its lowest point in 2011.
There were almost 950 homes on the rental market on November 1st of this year, compared to fewer than 350 last year.