Rents across the country fell by 0.6% last year, according to the latest report published by the property website, Daft.ie.
The fall compares with a drop of 15% in 2009.
The average rent nationwide now stands at €830 – 27% below the peak in 2007.
The total number of properties available to rent has also fallen from a high of over 23,000 in the middle of 2009 to less than 16,000 at the start of February.
However, some regional differences are apparent, Daft.ie says. In Dublin, rents in some areas are up to 2% higher than last year.
In Galway and Cork, rents were mainly unchanged, while Waterford and Limerick rents fell between 3% and 4% over the year.
This is news to welcome from an investors point of view who have been hit in the last two years with tax increases and increasing supply of property on the market.