Rents have risen by almost 12% in the last year, according to the latest Daft rental report.
Labour representative Rebecca Moynihan has urged the government to take action to protect protect vulnerable renters and redress the current market imbalance.
Senator Moynihan said: "We need to implement a three year rent freeze to stop already unaffordable rents rising even higher, but we also need a culture shift to change the serious power imbalance between landlords and renters.
"It's clear that some landlords continue to break the rental cap rules. There is currently no mechanism in place to confront landlords who are exploiting the system, with only 29 people sanctioned for such practices last year. Labour is calling on government to increase the Residential Tenancies Board power and resources to combat this practice and ensure that renters have a fair chance.
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"There is a fundamental lack of supply in the housing market. Government needs to increase investment in cost rental properties. Right now, the targets are simply too low for the volume of supply required. Housing for All still doesn't deliver enough State-led social and affordable housing. We need government to step up to the mark and address the existing need and unmet demand. Instead the government are giving a cash hand out to developers with no state claw back or guarantee of affordability.
"The reality is, there are too many people and families struggling just to keep a roof over the head and food on the table. The extortionate rents are pricing people out of urban areas, but we consistently see rents increase in rural areas too. Unless government chooses to change the dynamics in the market, more and more renters in the private market will be faced with the real prospect of homelessness."
