One in 5 people are now living in rental accommodation in this country.

The latest figures from the Residential Tenancies Board also show that prices are continuing to rise in Dublin, though at a slower rate than the previous quarter.

Rents went up by 8.6% between July and September, compared to the same time last year - 5% above the Celtic Tiger peak.

Kieran McQuinn, Research Professor at the ESRI, compiled the data and said there has been a shift in where the rent increases are coming from.

"Up until the end of last year, you were having very strong increases in Dublin", he said. "However, since that period, rents are continuing to increase in Dublin, but they're increasing at a faster rate outside of Dublin.

"Overall, what you're seeing is a continual increase in the rental index."

Reaction

Homeless and housing charity the Peter McVerry Trust has called on Minister Simon Coveney to urgently bring forward legislation to introduce rent regulation. 

Pat Doyle, CEO at Peter McVerry Trust said “Rents have risen rapidly over the past number of years and there has been a clear and consistent link between rising rents and new cases of homelessness. 

"Peter McVerry Trust is very concerned that continuing to allow the market to determine the cost of renting will only push more individuals and families into homelessness."

Niamh Randall, National Spokesperson for the Simon Communities said that the Private Rental Strategy presents an opportunity for the Government to halt rent inflation.

"Many of the people who are becoming homeless are coming from the Private Rental Sector", she said. "The solutions to this crisis involve preventing people from losing their homes and providing access to decent, affordable housing."

Secure Rents and Tenancies Bill 2016

This week, Sinn Féin launched the Secure Rents and Tenancies Bill 2016, demanding rent certainty, indefinite leases and removing the sale of the property as a reason for eviction.

The motion for amendment was tabled by Minister for Housing Simon Coveney, saying while acute pressures persist in the rental market, the issue in the market is the lack of supply.

"Although I appreciate the intention behind the security of tenure measures in this Bill, I believe it is premature to introduce them at this time, in advance of the strategy," he said in the Dáil yesterday.

Mr Coveney will be launching a new rental strategy in "less than a month", saying it will set out a realistic targeted plan for dealing with the many serious issues surrounding the rental market.