The number of properties in Ireland available to rent was at its lowest point for three and a half years at the start of 2012 after falling 5.7% from a year ago to 16,023 properties according to Daft.ie.

The average national rent during Q4 2011 fell 0.7% to €821 from Q4 2010. In Dublin however rents have increased marginally by 0.3%, possibly due to the fact that there is almost a thousand less properties now available to rent.

Joan Burton, Irish Minister for Social Protection, said: "Nationally rents have remained notably stable for the last twelve months. Indeed, rents have stabilised as far back as December 2009, with little change since that date. This quarter under review mirrors this trend. As previous quarterly reports have shown, national rent indices still appear to mask a rural/urban split within the Irish rental market, with rural prices continuing to fall, albeit at a slow pace, and these falls being offset by increasing rents in urban areas.”

In Cork the average rent rose by 2.6% over the course of the year, however in Limerick and Waterford rents declined by 2.4% and in Galway they fell 1.2%. Outside the main cities, average rents were 1.7% lower than a year previously.