Dublin native Diarmuid Ó Muirgheasa (26) is paying about €800 a month for a room in a three-bed apartment in Dundrum, Dublin.

He has been living in the property, which is rented from property investment company Hibernia, for almost a year and is in the process of renewing his lease.

"We are benefiting from the rule banning rent increases for 24 months, although looking at the figures for rents, it's going to be nasty in 12 months' time," he said.

"We are lucky in that it's a brand-new development, but nationally there is so little out there and the quality of stock is appalling.

"The policies in place at the moment do nothing for renters. The ban on rent increases is great as a short-term solution, but it could be double the price in 12 months' time.

"Renters are being squeezed for every last cent. Rent allowance only takes money out of the pockets of people paying taxes and into the pockets of landlords."

Ó Muirgheasa, who is a teacher, has been renting for four years since finishing college in 2012. "Back then there was a lot more supply when we were looking, even though we didn't think that at the time. A place that was €1,300-€1,400 could be €1,700-€1,800 now.

"We're lucky we're in a new block because some of my contemporaries have appalling places and are paying high rents too. It's extremely frustrating and depressing looking at the housing market."

Irish Independent