A new study of the rental housing market predicts that rents will rise by between 22% and 26% over the next two-and-a-half years.

The research has been carried out by the real estate company Savills and is based on CSO data.

The researchers say they have found a link between the percentage of vacant rental properties and the rate of rent increases.

Dr John McCartney, Savills’ Director of Research, said: “There’s a very strong relationship between movements in the vacancy rate and movements in rental growth.

“Over the last 31 quarters, 95% of all the ups and downs in the rental growth index have been explained by movements in the vacancy rate.”

The report from Savills also warns about a lack of vacant rental accommodation.

There have been concerns that problems in the market could hit Dublin’s chances of attracting companies looking for a new base in the aftermath of Brexit.

Senior Editor for Bloomberg News in Berlin, David Rocks says it will be a factor for businesses on the move.

Mr Rocks said: “What is a company other than a lot of people?

“People need to live somewhere, they need offices and they need homes, and if they can’t find that then it’s going to be tough for Dublin to make the argument, and for Ireland to make the argument that people should be moving there.”