Simon Communities says HAP recipients could not afford to rent a single property in Galway, Limerick or Waterford city centres last month.
It's new Locked Out of the Market report found the overall number of rental properties was down 4 per cent compared to March 2025.
This is despite new rent regulations brought in this year, designed to get more properties on the market.
Simon's Executive Director Ber Grogan says all stakeholders need to come together to fix this problem: