The number of rental properties available nationwide has dropped to its lowest point since 2006, according to the latest report on the rental market by Daft.ie.
The number of properties to rent has dropped by almost a third in the last year according to the report.
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The national average rent between January and March was just over €960, which is 8.2% higher than at the same point last year.
Rent inflation in Dublin has eased, but in the surrounding commuter counties it is now running at 14%.
Economist Ronan Lyons compiled the report, he has said that the fall in the number of rental properties is a nationwide problem.
"In particular when you look outside Dublin at the five main cities, we have gone from seeing about 7,500 units available to rent two years ago to only 2,000 units available to rent now. So it is no longer just a Dublin-only problem," said Mr Lyons.
The Simon Community has said that the latest figures from Daft prove the housing crisis is spiralling out of control.
The homeless charity is describing the situation as really worrying.
Spokesperson Niamh Randall has said that rising rents are pushing more and more people out of their homes.
"The housing and the homeless crisis is spiralling out of control. Rent has increased yet again by over 8%, however these figures represent a cumulative increase year-on-year," said Ms Lyons.
"What is also very worrying is the reduction in the number of homes available to rent. The number of homes available to rent at 4,300 are the lowest in over a decade so this is really worrying. And make no mistake, this is pushing people into homelessness and it is preventing people from leaving homelessness behind."