One in five people are now living in rental accommodation in this country, according to the latest figures from the Residential Tenancies Board.
The numbers also show that prices are continuing to rise.
Rents went up by 8.6% between July and September, compared to the same time last year.
Kieran McQuinn, Research Professor at the ESRI who compiled the data said: "When you look beneath the figures, you see that there is a little bit of a shift in terms of where the increase is coming from.
"Up until the end of last year, 2015, you weer having very strong increase in rent in Dublin.
"However, since that period rents are continuing to increase in Dublin, but they are increasing ata faster rate outside of Dublin, but overall what you are seeing is a cintinual increase in the rental index."