Colleges and universities across the country have been criticised for taking advantage of the housing crisis to "make a quick buck".

Labour representative Aodhán Ó Ríordáin hit out at the student housing prices following a report of rent increases of up to 11.5% year on year on university-owned on-campus accommodation.

Senator Ó Ríordáin said: "The housing crisis we are now facing is becoming a prevalent feature in Irish society and these student accommodation companies are exploiting this crisis to charge extortionate accommodation fees.

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"We know through constant engagement with student representatives and media reports today that many third level institutions are raising prices of college-owned student accommodation. It is completely unacceptable to expect students and their families to pay between double and triple the annual college fee upfront for student accommodation.

"We are coming close to the time of year when panic around student housing sets in. These private student housing providers are manipulating students and especially their parents who want to ensure that their children are in good quality accommodation when they move away for college.

"Labour's proposal for State-led developments would mean providing affordable student accommodation and would take the seasonal pressure off the rental market. Students should not have to spend their entire summer struggling to find an affordable option for accommodation but should be taking time to get ready for the academic year ahead. They, like all renters, deserve certainty of tenancy and affordability."