Mairead Farrell (Galway West, Sinn Fein) | Oireachtas source

The Government's policy of having an over-reliance on vulture funds to provide student accommodation instead of directly provided student accommodation by the Government has meant there is a complete reliance on overpriced accommodation for the student population. This, of course, means many students feel completely locked out of third-level education because they simply cannot afford to live in the areas where they might want to study. Students have been very clear for a long number of years that what they need is affordable student accommodation - basic student accommodation that meets their needs. They do not need the accommodation that is being provided by the vulture funds, which the Government has welcomed to provide the student accommodation, which have things like cinemas, Instagram-able views as they call them on their other websites, bowling alleys, etc. They end up paying thousands of euro to live in a room the size of a car parking space.

We now have an over-reliance on vulture funds to provide student accommodation. In Dublin, more student accommodation is actually provided by vulture funds than by Trinity, UCD and DCU combined. It is going in exactly that direction in the likes of my hometown in Galway. The over-reliance on vulture funds to provide student accommodation in Galway means many students are relying on this absurdly expensive accommodation. Hubble, which provides student accommodation in Galway, is increasing its rents by almost 30%. The reality for many students is that that is completely and utterly unaffordable.

For the 2024-25 college year, it offers what it describes as a deluxe room for €10,070 and a deluxe room en suite for €11,045. That is €283 a week for student accommodation in Galway because of this over-reliance on vulture funds. That is completely and utterly outrageous. The students themselves have said it is completely and utterly outrageous. They have come together under the leadership of Galway students' union and put together a petition which more than 1,000 students have now signed to say it is not good enough to have that kind of a rent increase.

Of course, the Minister of State would be acutely aware that Galway city is in a rent pressure zone. To see that level of increase is simply unimaginable. It looks like it will affect more than 500 students, students who have been studying in Galway up to this point and who want to continue studying in Galway if they have not finished their degree. Students in Galway are already paying some of the highest rents in Europe and are now being asked to increase their payments on rent even further. It is simply not good enough. We need direct action from this Government immediately.

Can the Minister of State tell us whether the Minister, Deputy Harris, has met with Hubble Student Living on this price increase? What has the Minister done to stop this? Why did the Minister not invest in student accommodation in the budget? We saw no money going into student accommodation in this year's budget. What will the Minister do to make it clear to these vulture funds that they cannot treat students like this and that they cannot increase their rents by 30%? I would like to hear from the Minister of State.

See this speech in context