According to the ERSI, house prices are set to rise by 20% over the next three years - and possibly by more than that.
What impact will this have?
Ronan Lyons, economist at Trinity College Dublin and author of the Daft Report, says that the housing crisis is "the defining problem of this generation."
"Over the last five or six years we've had the population increasing. The construction sector is probably adding 5,000 homes a year at the moment - we need to be adding 50,000 homes a year. Our housing supply is broken and we need to fix it."
Michael Dowling, managing director of Michael Dowling Mortgage and Financial Services, adds, "We have a generation that are not in a position to buy their own home."
"In a lot of instances they're paying more in rent that they would if they had a mortgage."
Regina Mangan, director of Liberty Blue Estate Agents in Waterford, says there are currently 43 properties to rent in Waterford City being advertised on Daft.ie, while their office receives up to 200 enquiries a week.
"It's a huge problem. A huge proportion of our population are renting and that will continue to grow, but there is no land to house these people."
