Rents rose by over 10% across the country in 2017.
New figures from Daft.ie show that people now pay an average of €1,227 every month.
Rents in the capital are €4,500 more a year than they were during the peak of the Celtic Tiger.
Daft Economist Ronan Lyons says the trend is here to stay:
“Unfortunately the dynamics in the market with very strong demand and very weak supply look set to continue for at least a couple of years,” he said.
“I wouldn’t be surprised if we end up with ten years of strong rental growth – in particular in Dublin but not confined to Dublin, across the country.”
Meanwhile, the Simon Communities have warned that Ireland’s homelessness crisis will not improve while rents remain so high.
Their National Spokesperson is Niamh Randall:
“What we are seeing is reducing supply and we are seeing prices increasing across the board,” she said.
“It is putting huge pressure on people on low incomes and it is pushing people into homelessness.
“We know one of the push factors into homelessness at this point in time is people not being able to afford rents in the private rental sector.
“But it also means that people can’t leave homelessness behind because they can’t access properties in their price range.”