Sinn Féin's housing spokesperson has said a €300 rise in the renters' tax credit reportedly planned for Budget 2027 would do little to help tenants as rents continue to climb.

Eoin Ó Broin TD, has warned that "a measly €300 increase in the renters' tax credit will be swallowed up by landlords", as he criticised reports that the government intends to raise the credit in next year’s budget.

The Dublin Mid-West TD argued that rents are already at record levels and said a modest uplift in the credit would be wiped out by further rent hikes.

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Deputy Ó Broin said: "Rents are at an all time high and rising. The Government’s controversial market rent reset legislation, rammed through the Dáil earlier this year, will see market rents rise even higher throughout the year.

"Renters need rents to be cut and they need a ban on rent increases. This is the only way to ease the enormous financial hardship being placed on hard working renters paying rip off rents.

"The Government is considering a measly €300 increase in the renters' tax credit. This will be quickly swallowed up by landlords, both for new and existing tenants, as rents continue to spiral upwards.

"Only a meaningful cut to rents through a significant increase in the renters’ tax credit, coupled with a ban on rent increases for new and existing tenants, will ease the pressure on renters.

"Sinn Féin set out our alternative proposals to do right by renters in our alternative budget. What is clear from the media speculation is that Government has no interest in standing up for renters."