Rents in Munster rose 8.8% year-on-year, reflecting a sharp fall in availability - just 232 homes were available to rent on February 1, down by nearly half compared to a year ago.
In Tipperary, rents were on average 7.7% higher in the final three months of 2020 than a year previously. The average listed rent is now €908, up 61% from its lowest point.
The average rent nationwide in the final three months of 2020 was 0.9% higher than a year previously, according to the latest rental report by Daft.ie.
The average monthly rent stood at €1,414 in the final quarter of 2020, up from a low of €742 per month seen in late 2011.
Ronan Lyons, economist at Trinity College Dublin and author of the Daft Report, said: “Often people query whether the basics of supply and demand apply to the housing market.
“These latest figures should remove any lingering doubts about the importance of supply in lower rents.
“Outside Dublin, Covid-19 has led to a further worsening of supply conditions in the rental market, with the number of homes coming on each month down 17% on already low levels.
“While demand for rental homes outside the capital has fallen – with the rise in unemployment – it has not fallen as much as supply, pushing rents further upwards.
“In Dublin, Covid-19 has had the opposite effect, with the number of homes being advertised to rent up 64% on February 1, compared to a year previously.
“Rents in the capital – and in Ireland’s other main cities – remain at twice their level a decade ago.”