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DUBLIN, Dec. 1 (Xinhua) -- Nearly one in five households in Ireland are renting their accommodation, according to latest data released on Thursday.

The latest Quarterly Rent Index, compiled by the think tank Economic and Social Research Institute (ESRI), showed that while Irish rents continue to rise, the rate of growth slowed in the third quarter, compared with the second quarter, and that the annualized rate of growth has also begun to slow.

The average monthly cost of renting a home in Dublin rose to 1,487 euros(1585.21 U.S. dollars) in the three months to the end of September, while the average cost in commuter counties outside Dublin was 864 euros a month, which is a 12 percent increase.

On an annual basis, rental growth in the Dublin market was 7.1 percent, while growth in rents for the market outside Dublin recorded an increases of 9.7 percent.

At a national level, annual growth was 8.6 percent in the third quarter and has averaged 9.2 percent so far this year.

This is particularly strong when compared to this time last year where average growth was 6.6 percent for the same period, according to the ESRI.

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